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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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Mark your calendar. By Jan. 31, employees must have their W-2s, and the IRS must have the fourth-quarter 941 form, and annual 940, 944 and 945 forms. Here’s what you must do now.
In the wake of Hurricane Sandy, the IRS has issued a package of payroll, 401(k) and individual tax relief measures. This relief applies to individuals and businesses located in the disaster area, and to those whose tax records are located in the disaster area.
The IRS has named the states that will be subject to FUTA credit reductions for 2012 FUTA taxes. FUTA credit reductions arise when states borrow from the federal government to pay regular unemployment benefits and fail to timely repay the loans.
Question: Three retirees receive monthly pension checks. Two have stopped cashing them and the post office keeps returning the other retiree’s check as undeliverable. We’ve searched the obituaries and looked in our old HR files for their next of kin, but we’ve come up empty. We have to provide Forms 1099-R to them by the end of this month. What do we do?
Here's a state-by-state breakdown of employer service liaison officers.
Corporate HR departments love nontraditional benefits—perks other than leave, health insurance and retirement benefits—because they’re generally cheap and build loads of employee good will. But many so-called lifestyle benefits are taxable, much to HR’s chagrin.
The standard mileage rate, which you may use to reimburse employees who drive their own cars on business, increases one penny to 56.5 cents a mile for 2013. You can also use the standard mileage rate to value employees’ personal use of moderately priced company cars.

Under the health care reform law, employers of 50 or more full-time em­ployees during the preceding year will pay free-rider penalties if they don’t offer full-time em­­ployees (i.e., those who work at least 30 hours a week) affordable health benefits. How you determine full-time status is the subject of new IRS guidance.

Negotiations to resolve the “fiscal cliff”—a package of tax increases and spending cuts—that will kick in on Jan. 1, 2013, are taking place at an excruciatingly slow pace. Unfortunately, key payroll issues are caught up in the fracas. Until the impasse is resolved, Payroll can’t begin implementing plans for 2013 operations.
If you’ve ever been unable to locate former employees who were owed 401(k) plan assets or final paychecks, you’ve probably used the IRS’ letter-forwarding program to try to contact them. No longer.
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