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.

Under the IRS’ Voluntary Classification Settlement Program (VCSP), you may change workers’ status from independent contractors to employees for future years. One major concern with VCSP has been potential liability for reclassified workers under the FLSA or state wage payment laws.

The standard mileage rate, which employers may use to reimburse employees who drive their own cars on business, remains 55.5 cents a mile for 2012. You can also use the standard mileage rate to value employees’ personal use of moderately priced company cars.

Comp and benefits pros have three ways to make tax time easier on employees this spring. Work with your colleagues in payroll and accounting to publicize these conveniences—and protect workers from fraud.
Darn that groundhog! If it knew what payroll administrators know about looming W-2 deadlines, it would never come out of its den. Paper W-2s are due to the Social Security Administration by the end of the month; e-filed forms are due by April 2.
You couldn’t have direct deposit or online banking without the Automated Clearing House (ACH) network. Unfortunately, online banking through the ACH network has generated a new cyber crime—ACH fraud. Payroll, which uses the ACH network for direct deposits and other transactions, is particularly vulnerable.

Businesses must stay abreast of an alphabet soup of federal laws—ADA, ADEA, FMLA and so forth—each with its own requirements. Further complicating matters, most states have their own laws that override the federal requirements. To comply, you first must know which laws apply to your business, based on the number of people you employ ...

Q. We would like to institute a rule subjecting em­­ployees to discipline for clocking in late. Are we permitted to do this even though we round our employees’ time to the nearest quarter-hour?
To offset the cost of three new free-trade agreements, the Trade Adjustment Assistance Extension Act of 2011 requires states to beef up their unemployment and new-hire reporting laws. Both provisions will affect your payroll operations.
If you use an accrual method of accounting and allocate money to a bonus pool, you can breathe a sigh of tax deductible relief. The IRS has concluded that employers can take a current tax deduction for a fixed amount of bonuses that will be paid to employees during the next year.
Payroll doesn’t have time to shake off any lingering holiday blues, since it’s down-to-the-wire time for W-2s. Here are two tax questions about gift cards and staff discounts: