IRS 1099 Compliance Enforcement Heats Up
IRS 1099 Compliance Enforcement Heats Up In 2010, the IRS took an aggressive step to ratchet up its ability to enforce business compliance with annual 1099 income reporting regulations. Today I will discuss form 1099-Misc and these enforcement changes. I will also share the potential consequences for not filing these annual reports and how to […]
How to Report Wages for a Deceased Employee
HOW TO REPORT WAGES FOR A DECEASED EMPLOYEE If an employee dies during the year, you must report the accrued wages, vacation pay, and other compensation paid after the date of death. Also report wages that were available to the employee while he or she was alive, regardless of whether they actually were in the […]
Nonprofit payroll requirements: Best Practices
Nonprofit payroll requirements: Best Practices Easily the biggest challenge of running a nonprofit is trying to do more with less, to make limited resources stretch further. Following all the nonprofit payroll requirements, laws and regulations is challenging. This is no different for companies with dedicated payroll and HR staff. Most nonprofits have to make due […]
How to Terminate an Employee Properly
How to Terminate an Employee Properly Have you ever wondered what the best practices to terminate an employee properly are? Well, having to terminate an employee is the lowest of the low psychologically; but doing it properly is a challenge in itself. Some managers would choose to go through an audit, or digitizing dusty paper […]
Employee Vs Independent Contractor
Employee Vs Independent Contractor The difference between an employee vs independent contractor can be confusing. It is important for business owners to know if their workers are employees or independent contractors (also referred to as 1099 contractors or self-employed). For employees, businesses have to withhold income taxes, Social Security, and Medicare from employee’s checks. They […]
Best method to pay employees
Best method to pay employees Have you ever wondered which is the best method to pay employees? Well, it’s a typical Thursday afternoon at the office. You’ve reached the last leg of the day, and the weekend is just around the corner. One. More. Day. Glancing through the window of your corner office, you can’t […]
How often should I pay my employees?
How often should I pay my employees? How often should I pay my employees? What kind of schedule is easy and convenient for my employees and myself the employer? There’s a big secret you might be missing out on. Ready to hear it? You’re probably over paying when it comes to payroll processing costs. How? You may […]
How much does payroll cost?
How much does payroll cost? During initial conversations with prospective clients this question comes up more often than not: “So, how much does payroll cost?” Many payroll bureaus do not have a straight answer, but it should be very easy to answer unless there is something your rep is hiding. And let’s not forget that […]
How to read your W-2 Form
How to read your W-2 Form This is a guide on how to read your W-2 form. Preparing W-2 forms for filing with the Social Security Administration can be tricky. This article will help: Employer seeking to fill out the forms correctly. Employees trying to understand the numbers reported on their W-2. It will also […]
The Major Challenges Facing Cannabis Payroll Tax Reporting
The Major Challenges Facing Cannabis Payroll Tax Reporting And What Business Owners Can Do About It This guide gives an overview of the problems affecting cannabis payroll tax reporting. At a federal level, marijuana is illegal. However, several states classify the drug as legal. Undeniably, the varying legal standpoints create complications for cannabis payroll tax […]
