Early funds availability is causing headaches for many employers. And it’s only the beginning. Certain banks let workers access their pay earlier than the settlement date when they receive ACH credits toward customers’ accounts. So, if payday is Thursday, these banks make the money available to workers on Wednesday or even Tuesday. But then what […]
Just as the COVID-19 pandemic impacted many Finance processes, it also affected how Americans work. The latest American Time Use Survey from the Bureau of Labor Statistics (BLS) shows exactly how workers have spent their time over the past two years. Balancing act while Americans work Due to the pandemic, the number of people who […]
UPDATE: Your company was just given two more months to submit and certify your EEO-1 reports. The Equal Employment Opportunity Commission (EEOC) has extended the deadline yet again. Reports for 2019 and 2020 are now due Monday, Oct. 25. The EEOC says this will be the final extension. Employers, you must now submit your EEO-1 […]
New child support orders will look a little different this fall for your Payroll pros. That’s because state and tribal agencies will be required to use the revised Income Withholding for Support (IWO) form. The IWO was revised last year. But the use of the new form has been optional so far. That’ll change on […]
Your company can now exclude certain things from gross receipts when determining if you’re eligible to claim the Employee Retention Credit (ERC). IRS Revenue Procedure 2021-33 spells out a new safe harbor for employers. Here’s the scoop. What will earn you the safe harbor In order to determine whether you’re an eligible employer for a […]
If your company needs to file an amended Form 941-X to claim any new tax credits or correct a quarterly return, heads up: The IRS has released a new draft version of the form. Here’s a preview of the most important changes for your Payroll pros once the agency finalizes the new form. Line-by-line updates […]
UPDATE: You’ve just been given more time to keep your coronavirus leave donation program running. IRS extended the allowance of donations of vacation, sick or personal leave through a leave-based donation program through the end of 2021 in IRS Notice 2021-42. If your company wants to set up a program to let employees donate leave […]
Finance pros are already taking advantage of the new expanded window of time for Same Day ACH. And it can benefit your company, too. The third window, added in March 2021, allows same-day transactions to be initiated as late as 4:45 p.m. EST and received by 5:30 p.m. so they can be settled by 6 p.m. […]
There’s a new version of Form 941 for the second quarter of 2021 with some significant changes your Payroll pros will need to know about. The most recent version of the form was revised in June 2021. Most of the updates are to allow employers to claim new COVID-19 tax credits established by the American […]
