There are two types of taxpayer identification critical to year-end reporting.TIN verification for all 1099s and Social Security verification for W-2s. Mismatched TINs and SSNs are the most common reasons a filing is rejected. This easily corrected issue can require employers to pay the cost of repeated filing efforts and potentially painful fines and penalties.... Read more »
2024 IRS Form 941 Deposit Rules and Schedule
Notice 931 sets the deposit rules and schedule for Form 941 This information is also used for Forms 943, 944, 945, and CT-1. Two Deposit Schedules There are two deposit schedules—monthly or semiweekly—for determining when you deposit social security and Medicare taxes and withheld federal income tax. These schedules tell you when a deposit is... Read more »
Payroll Changes For Second Quarter 2023
- Nevada Becomes First State to Enact Earned Wage Access Law - Arkansas Issue Revised Withholding Tables - North Dakota Issue Revised Withholding Tables - Florida Requires Certain Private Employers to Use E-Verify Beginning July 1 - Idaho Revises Withholding Tables, No Retroactive Withholding - Utah Revises Withholding Tables
How to Ensure Compliance When The I-9 Covid Policies Expire
As a result of many businesses implementing work-from-home policies during the pandemic, the Department of Homeland Security granted employers the ability to verify I-9 documents via video, fax, or email for employees hired from March 2020 to the present. Changes are coming effective July 31, 2023.
Recent Changes To State And Federal Payroll Compliance
With more than 20% of payroll reports changing each quarter, here are the most recent changes to payroll through June 2023.
What To Do If You Receive A CP2100 or CP2100A Notice
Are you a business owner who recently received a CP2100A Notice from the IRS informing you of discrepancies between information reported to the IRS and the IRS's database? If so, it's time to take action. While getting a notice from the IRS is never pleasant, ignoring it—or thinking you'll get to it later—can lead to hefty penalties and interest charges. The good news is there are steps you can take right now to reduce your exposure and minimize potential damage.
IRS Issues Final Regulations For The New eFile Threshold For W-2s And 1099s
The IRS released final regulations on February 21, 2023, which will affect virtually all employers who file employment tax information forms such as Forms 1099-series, Forms W-2, and Affordable Care Act Forms 1094-B/C and 1095-B/C, among others. These final regulations are part of the Taxpayer First Act (TFA) enacted on July 1, 2019, which generally reduced the number of returns that can be filed in paper form. The final regulations adopt the electronic-filing threshold of 10 for information r…
Payroll Challenges And Best Practices As 2023 Moves Forward
As we close out the first quarter of 2023, the future of Payroll and HR has become the now of Payroll and HR. Many of the changes which started during the pandemic have been accelerated and have become permanent aspects of our working lives. Remote workers have expanded payroll compliance to multiple states for many companies for the first time. Finding efficiencies in an inflationary economy is paramount. And finally, security issues continue to be a primary concern.
Thank You For Your Participation: Preliminary Results of Aatrix’s Annual Customer Survey
Following another successful year-end filing season during which the Aatrix eFile Center processed millions of W-2s, 1099s, and 1095 (ACA) forms, Aatrix conducted its annual eFile customer survey. Customers were sent a short survey to help Aatrix evaluate their performance and our customers' satisfaction. This was the 15th annual survey, and once again, the results demonstrated that our customers are very satisfied with the performance of our eFiling solution.
How To Avoid Misclassification Of Exempt vs Nonexempt Employees
There are two types of employees – "exempt" and "nonexempt." An exempt employee is not entitled to overtime pay and other protections according to the Fair Labor Standards Act (FLSA). Nonexempt employees must be paid minimum wage, overtime, and provided breaks and are protected by the rules of the FLSA.
