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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Q: Must nonexempt employees enter the time they leave and return from lunch, or can we assume that they took their lunch hours unless otherwise noted in their time records?
Your payroll department won’t become audit bait if you file a Form 941-X to correct a previously filed Form 941, keep good records, file returns on time and respond to IRS notices, according to an IRS senior program analyst for employment tax policy. What does put you in the audit hot seat?
Q: How do we record this work shift: Our workweek begins and ends at midnight on Sunday. An employee works eight hours Monday-Friday, 9:00 a.m. to 5:00 p.m., for 40 hours, and then works an additional shift from 6:00 p.m. Saturday to 3:00 a.m. on Sunday?

Metrics can add value to the Payroll department, said Linda Obertin, vice president at Fidelity Investments, at the American Payroll Association’s Annual Congress. To implement a metrics program, Obertin highlighted these six steps:

If your business is moving, be sure to file Form 8822-B with the IRS. Failure to notify the IRS of a change of address recently prevented a taxpayer from contesting a lien for unpaid taxes.
With colleagues away on vacation, now's a great time for Payroll to prep for some year-end tasks and perform general payroll maintenance.
Employers that use the standard mileage rate (56.5 cents a mile in 2013) to value employees’ personal use of company vehicles are restricted to supplying vehicles of modest value ...
The U.S. Supreme Court on June 26 ruled that Section 3 of the federal Defense of ­Marriage Act—the section that limits marriage to heterosexual couples for federal benefits—unconstitutionally denies legally married same-sex couples equal protection. The Court specifically mentioned the taxability of health benefits for same-sex spouses, an issue the IRS must now address.

The Affordable Care Act health care reform law requires you to provide all current and new employees with a notice regarding health insurance coverage by Oct. 1, 2013. For 2014, new hires must receive notice within 14 days of their start date. The DOL also updated its FAQs and the summary of benefits and coverage (SBC) template for the second year of coverage.

NOTE: Saturdays, Sundays and legal holidays as observed in the District of Columbia are taken into account to determine due dates. Under the federal deposit rules, you’re allowed a deposit shortfall of the greater of $100 or 2% of your tax liability. Semiweekly and monthly deposits are for the deposits of FICA and withheld income [...]
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