Payroll Management

Ineffective payroll management and shoddy payroll systems can result in personal liability (including JAIL TIME) for non-compliance.

Business Management Daily helps our readers with information on payroll processing and tips on timesheets that will help you to implement payroll programs that pay off.

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The IRS has issued a notice and a proposed revenue procedure that cover the steps you must take to obtain employees’ consent before you refund overwithheld FICA taxes to them. The notice allows employees to furnish consent electronically and also clarifies your “reasonable efforts” if you can’t secure their consent.
A federal trial court has ruled that an employee who sued her employer, alleging that the employer’s share of FICA and FUTA were wrongfully withheld from her pay, had to instead file a refund claim with the IRS for those amounts. If the refund claim is denied, she can sue the IRS for her money, the court concluded.
Q: It’s likely that later this year, one employee will receive a bonus that will boost his supplemental pay to more than $1 million. In anticipation of that, his accountant has informed us that we don’t need to withhold federal income taxes at the 39.6% rate; the employee will pay the tax on his 2015 Form 1040, instead. Is that right—it sounds fishy to us?
Q: A new employee received a signing bonus last November, which he had to repay if he left the company within two years. He did leave, and now we don’t know what to do. Do we need to amend his 2014 W-2 form? What documentation must we collect from him?
Federal law sets the ground rules for employing teens, but state law controls the age at which they must obtain age certificates, working papers or parental consent letters and how long you must retain those documents. This information is summarized in this chart.
Final regulations include as an excepted benefit limited wraparound coverage—coverage that supplements, or wraps around, individual nongrandfathered health policies by providing additional benefits to part-time employees and retirees and doesn’t consist solely of cost-sharing subsidies.
Q: A former employee has requested a copy of his 2003 W-2 form. We backed up the data, sent it to a remote storage facility and purged it years ago. It would be extremely burdensome to pull it out now, especially for a former employee. What is the legal requirement for providing employees with copies of old W-2s?
The IRS meant it when it said that all employers, regardless of size, will be liable for a $100 per day, per employee, excise tax if they pay for or reimburse employees who buy individual health insurance either on or off the individual exchange. Sort of. It’s now providing transition relief to certain employers and to certain reimbursement arrangements.
How many paychecks could Payroll chuck, if Payroll could chuck checks? All of them, if you pay employees through direct deposit or with plastic payroll debit cards. May is direct deposit month, so now is the time to convince skeptical employees of the benefits of direct deposit/paycards.
Summer doesn’t have to be the season of your discontent. You can swim through the summer season’s special demands on Payroll, including employees’ vacation requests, if you remember the Fair Labor Standards Act's rules on working hours, calculating overtime when employees take a day off during the week and paying exempts.
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