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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August is a slog. Forget the heat and humidity by organizing your Payroll tasks for the next four months.

Payroll usually doesn’t withhold income and FICA taxes from employees who receive restricted stock until the restriction lapses and the stock vests. Under Section 83(b), however, employees can opt to have taxes withheld currently, long before the restriction lapses. The IRS has now provided sample language for an 83(b) election.

Employees who get married but forget to update their Social Security cards with their married names will lose out, because the Social Security Administration won’t be able to credit their earnings to their benefits accounts. Remind newlyweds to get replacement Social Security cards showing their new names.
Group health insurers that don’t spend between 80 and 85 cents of every premium dollar on medical care and health care quality improvement must make so-called medical loss ratio (MLR) rebates to employees, beginning Aug. 1, 2012.

Today’s tight economy has prompted many employers to try to reduce costs—including overtime—by classifying workers as independent contractors instead of employees. That hasn’t escaped the notice of the IRS and the U.S. Department of Labor, which have stepped up efforts to deter misclassification.

Under tax code Section 83, you don’t have to tax employees who receive company stock, stock options or other property that is subject to a substantial risk of forfeiture until the risk lapses and the property vests. Proposed regulations now define what counts as a substantial risk of forfeiture.

It seems counterintuitive, but you can use your consent to extend the statute of limitations on payroll tax assessments as leverage with auditors. But only if the proper party signs Form SS-10, Consent to Extend the Time to Assess Employment Taxes. The IRS has concluded in emailed advice that a single-member LLC owner is the correct party to sign.
If you have employees away on extended military deployments or who will train for two weeks this summer as members of the National Guard or Reserve, you face tricky pay problems. Here’s what Payroll needs to know.
Not ­getting your tax notices forwarded to your new address can be a deadly oversight. To separate out notifications from individuals and businesses, the IRS has created new Form 8822-B.
Payroll procedures for handling bonuses are affected by the FLSA. While such bonuses can increase morale, provide incentive to work harder, and entice strong applicants to join a company, improper treatment of employee bonuses can lead to FLSA violations. 
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