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: 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.
Summer means kids working in the family business. But beware. The Tax Court tossed a sole proprietor’s effort to deduct as wages payments made to her children. According to the court, there wasn’t any consistent correlation between the hours worked and the amounts recorded as wage payments.
Eager young adults may be papering the company with summer hiring inquiries and job applications. These tips will help you cool the summer hiring process.
Excepted benefits, such as limited-scope dental and vision benefits, aren’t subject to the Affordable Care Act’s requirements to provide affordable group coverage that provides minimum value. Proposed regulations would include wraparound coverage as a new category of excepted benefits. This coverage would be available to part-time employees and retirees. Under these regs, wraparound coverage would be permitted under a pilot program that begins no later than Dec. 31, 2017, and lasts for three years.
Here's your monthly guide to critical payroll due dates.
Employees looking for a place to park their preteens during the summer should consider day camp. Tax break: Parents may defray day camp expenses, including expenses incurred for specialty camps, through the company’s dependent care assistance program, up to the $5,000 annual limit. Also covered: child care expenses for kids who stay home.
Q: We have employees who change their W-4 forms on an almost weekly basis. This is becoming very burdensome. Management has asked whether there are any regulations that allow us to limit the number of W-4 changes employees can make a year. Also, how do you explain to full-time employees that they’re not exempt from paying federal income taxes?
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