Understanding Payroll Tax Penalties and How to Avoid Them
Payroll tax penalties are an avoidable business expense, however, each year many organizations shell out thousands for them. These penalties are caused by incorrect calculations, missed deadlines and improper reporting. Employers can minimize these expensive mistakes with a robust payroll process. As your business grows in size, payroll requirements can become more complex, often making […]
New Overtime Rule Takes Effect – Challenges Take Place Across Country
As of July 1, 2024, millions of salaried U.S. workers are now eligible for overtime pay, thanks to the new overtime rule that went into effect. Salaried workers earning less than $43,888 a year qualify for 1.5 times pay if they work more than 40 hours a week. These changes may impact your payroll processes […]
7 Common Payroll Risks for Small to Mid-Sized Businesses
When reviewing your business operations, sometimes the areas running smoothly can be overlooked. Don’t become complacent. This can threaten the smooth functioning of payroll processes, potentially leading to costly errors, legal issues and compromising the trust of your employees. To help safeguard against these risks, our payroll pros recommend conducting an annual payroll audit to […]
Payroll Fraud Prevention: 8 Strategies to Protect Your Business
Payroll fraud is a serious threat that can have detrimental effects on businesses of all sizes. From small enterprises to large corporations, no organization is immune to the potential risks associated with payroll fraud. This illicit activity can result in financial losses, damage to the company’s reputation and legal consequences. To help combat this, our […]
IRS Announces Decrease in ESR Penalties for 2025
The IRS announced a decrease for 2025 to the applicable dollar amount used in calculating employer shared responsibility (ESR) payments under the Affordable Care Act (ACA). For 2025, the ESR payment amounts will be $2,900 for failing to offer minimal essential health care coverage and $4,350 for failing to offer affordable minimal essential health care, […]
The Role of Automation in Modern Payroll Processing
In the dynamic landscape of business where innovation is the name of the game, payroll processing has undergone a significant transformation with the integration of automation. Gone are the days of tedious manual calculations and paperwork; automation has emerged as the unsung hero, streamlining processes and enhancing efficiency in payroll management. Traditionally, payroll processing involved […]
Understanding IRS Form 941 – Employer’s Quarterly Federal Tax Return
Many businesses are required to report and file tax returns quarterly using IRS Form 941. Form 941, Employer’s Quarterly Federal Tax Return, reports wage withholding to the IRS for income taxes, employees’ shares of Social Security and Medicare taxes and the employer’s share of FICA. The form summarizes the employer’s quarterly payroll tax liabilities and payments, […]
Top Payroll Trends for 2024: Staying Ahead of the Curve
The landscape of payroll management is continually evolving, driven by technological advancements, regulatory changes and shifting workplace dynamics. As we continue into the new year, it’s crucial for businesses to stay ahead of the curve and adapt to the latest trends in payroll processing. Below, we will explore the top payroll trends for 2024, and […]
Navigating Payroll Tax Changes in 2024: What Employers Should Know
As we step into a new year, employers face a fresh set of challenges. One of them being payroll taxes. With tax laws evolving, staying informed is essential for businesses to comply with regulations, avoid potential pitfalls and make strategic decisions for their businesses. Recent Changes Impacting Payroll Changes on the Horizon Tips to Help […]