Your company’s payroll process looks different this year thanks to the coronavirus, so naturally so does Payroll’s key tax form: the 941. IRS has released a draft of the revised Form 941 because of new coronavirus-related employment tax credits and other tax relief. One of the biggest mid-year changes: Line 13 now contains seven lines […]
A new Department of Labor (DOL) final rule has eliminated some exceptions to the fluctuating workweek pay method. That gives your company some new flexibility and potentially some new savings. In the past, that overtime compensation option wasn’t available for salaried non-exempt employees who earned bonuses and other types of incentive-based pay. No more, thanks […]
Update 3: The feds recently announced they will delay collecting this job info until March 2021, due to the coronavirus. Note: This only impacts the 2019 EEO-1 reporting requirement, which includes employee demographics from any pay period from October through December 2019. Your 2020 data will still be reported on time next spring. Update 2: […]
Even in a time of crisis, remind your payroll team that regulators will still check that you’re paying people correctly. That’s what one Georgia company found out recently, to the tune of almost $185,000. MLU Services Inc. was doing work for the Federal Emergency Management Administration when it made paycheck errors related to rate of […]
IRS and the Treasury Department have launched a payroll tax credit to put more money in your pocket as a reward for hanging on to your employees: the Employee Retention Credit. Specifically, you get 50% of up to $10,000 in wages for all businesses financially impacted by COVID-19. The good news? Almost every employer is […]
Payroll will need to work some overtime of its own to get your company in compliance with the new COVID-19 law and make sure employees get paid properly. That’s courtesy of the Families First Coronavirus Response Act. And now the Department of Labor (DOL) has stepped in to help keep compliance up. It just published […]
The aftershocks from the new W-4 and updated withholding tables just keep on coming! IRS and the Treasury Department just released proposed regulations to reflect the changes to come out of the Tax Cuts and Jobs Act. And they should give your payroll department some welcome clarity. First, a key reminder: The regs make it […]
With so many businesses temporarily closing or allowing employees to work from home due to COVID-19, there’s a lot of pressure on your payroll department.
For the next two months your company doesn’t have to physically lay hands on employment authorization documents to accept them. That’s the word from the Department of Homeland Security in light of the COVID-19 epidemic. But you will have a new process to follow to stay in compliance. Check out the details. Check I-9 documentation […]
