As one year ends and the new one begins, we want to help you best prepare your payroll in order to avoid penalties from the IRS and generally ensure that you do all the things you need to do the best for your employees. We have collected seven tips that will keep you in line with everything the government and your employees need. Let's dive in.
Leap Years pre-date the Roman Empire, and yet they still mess with our payroll. Before we complain too much, we should consider what happened in 1592 when Pope Gregory XIII decreed a switch from the Julian calendar to the current Gregorian calendar. Everyone went to bed on October 4 and when they woke up it was October 15. That would really mess with your payroll.
With the new year comes the latest revisions in the Fair Labor Standards Act (FLSA). This round of revisions effects both exempt and non-exempt employees. What are these changes? Let's dig in.
Everyone agrees: paying your employees is an important aspect of running your business; but it can be time consuming, overwhelming and sometimes confusing. One must keep abreast of constantly changing payroll laws, tax rules and employment regulations. Often, you only hear from someone if a mistake has been made. It can be a frustrating, thankless task. Considering the time and effort that goes into manually generating payroll, it’s no wonder many organizations hire a firm to handle payroll services for them.
With 2020 comes a brand new W-4 Employee's Withholding Certificate from the IRS. This form is used to give you a chance to tell you how much tax to withhold from each paycheck. So what do you need to know about the IRS' new form? Let's dig in.