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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The IRS made quite a splash when it concluded in an Affordable Care Act FAQ that all employers, regardless of size, that didn’t have a group health plan, and that instead reimbursed employees for their costs to buy health insurance either on or off the individual health exchange, would be liable for $36,500 in self-assessed excise taxes. We’ve taken some time to sort this all out.

Whether the scare-mongers are right in predicting that the flu will decimate workplaces this winter is anyone’s guess. Nevertheless, the Fair Labor Standards Act has a lot to say about your sick-time policies.
Use this worksheet to reconcile your four quarterly 941s and W-2s, so the amounts you report to the SSA and the IRS match.
You have an extra weekend to ensure that employees’ W-2s are correct. Since Jan. 31 is a Saturday, employees must receive their W-2s by Monday, Feb. 2, 2015. The IRS must receive your fourth-quarter Form 941, and annual Forms 940, 944 and 945 by that date, too. Here’s what you need to do now.
Under final tax regulations, employees who aren’t traveling away from home overnight, but who stay overnight at a local hotel, may have their substantiated lodging expenses reimbursed as a tax-free working condition fringe benefit, provided you have a bona fide reason to require them to stay overnight at the hotel.

So-called excepted benefits—limited-scope dental and vision benefits—are exempt from the Affordable Care Act’s requirements to provide affordable group coverage that provides minimum value. Final ACA regulations modify those benefits, and add long-term care benefits and certain employee assistance plans into the excepted benefits category.

This is your monthly guide to critical payroll due dates.

It’s officially Payroll crunch time. The Social Security Administration is cracking down on employers that submit W-2/W-3 forms with errors ... but you already have everything organized and ready to go, right?

Q: A terminating employee is requesting an early W-2. He’s also requesting that Payroll provide him with written verification that he hit the 2014 Social Security taxable wage base, even though his W-2 clearly shows this in Box 3. He insists that he doesn’t need to restart paying Social Security taxes with his new employer, since he maxed out for 2014. Is he correct?
A recent Information Letter issued by the IRS on the taxation of employer-provided parking, although noncontroversial, serves as a useful reminder that “free” parking for employees may result in taxes for both the employee and the employer.
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