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There is no button you can push to make a paycheck pop out, yet almost everyone in your company thinks payroll processing is automatic. That can lead to problems at every level of the organization if you’re thinking of switching pay frequencies, according to Lisa Poole, CPP, VP, HR Payroll Operations for Sun Trust Bank. Poole gave attendees at the American Payroll Association’s annual Congress some helpful suggestions for handling the change process.
Here are answers to questions put to representatives of the IRS who attended the American Payroll Association’s 33rd Annual Congress, held this year in Las Vegas.
Q. I heard that there have been increases in the IRS penalties that employers have to pay for failing to file (or filing incorrect) tax documents?
The thermometer heating up means it’s the perfect time to perform some general Payroll maintenance tasks. It’s also the key to a successful year-end.
The federal Office of Child Support Enforcement reports that during fiscal year 2013, the last year for which statistics are available, 74% of all child support payments were made via paycheck withholding. That’s $30 billion. The OCSE is beefing up its electronic income withholding orders, or eIWOs, in order to make the child support withholding process even more efficient.
People sometimes default to presentation-style meetings, but that’s not always the best way to get your ideas across to your audience.
The IRS may have to return to a bankruptcy estate a bankrupt payroll service bureau’s tax deposits that were collected from clients but were used to satisfy its own tax liabilities. A federal trial court has ruled that the bankruptcy trustee may be able to void transfers of the clients’ money to the IRS.
When your company is a hard place to work, how can you keep employees from leaving not long after they start?
If you have an auto-enrollment 401(k) or 403(b) plan, or a plan with escalation features, then you probably have administrative problems. Run-of-the-mill 401(k) plans aren’t a piece of cake to administer, either. The IRS has created three new safe harbors under which you don’t need to make corrective contributions for missed or incorrectly calculated employee pretax deferrals if certain conditions are met. The safe harbors became effective April 2, 2015.
Electronic W-2 filing is paying off for the Social Security Administration—it’s now able to process hundreds of millions of W-2 files per day and send that information to the IRS by the next business day.