Payroll record keeping is important for every business, regardless of its employee size. But with all the forms, documents and regulatory agencies’ requirements, it can quickly become overwhelming for most employers. To avoid regulatory and legal scrutiny, it must be made a priority. Federal Requirements First, it’s imperative an employer comply with the federal Fair […]

A general ledger is a recordkeeping tool employers use to document the total expense of payroll. It tracks any transaction that originates in the payroll department, including payments made to employees, independent contractors and other business entities. What Are General Ledgers Used For? The primary function of a general ledger is to organize and determine […]

Employers can face several potential compliance risks as they navigate pay statement disclosure requirements on a state-by-state basis. These risks include government audits, litigation, penalties and potential reputational harm. That’s why it’s critical to understand the importance of pay statement compliance to avoid its costly penalties.  Below we discuss the components of an effective pay […]

The IRS recently announced that certain amended employment tax returns can now be electronically filed using the Modernized e-File (MeF) program. Historically, paper filing was the only option. Which Amended Returns Can Be E-Filed? The following amended returns can be e-filed using the new program: Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return Form […]

A recent ruling will result in increases to Michigan’s minimum wage and tipped minimum next year. The Michigan Supreme Court elected to reinstate two ballot initiatives, both previously adopted by the state legislature and subsequently watered down. The Michigan Paid Sick Leave Initiative and the Michigan Minimum Wage Increase Initiative were adopted by the Republican-controlled […]

The concept of a “phantom employee” is one that all business owners and HR professionals should be aware of. Phantom employees could be as innocent as individuals who have passed away and accidentally kept in the payroll system, but they are most commonly fraudsters manipulating the payroll system. This issue can arise due to administrative […]

In today’s fast-paced business environment, efficiency is key. As companies strive to optimize their operations and reduce administrative burdens, one area that can significantly benefit from being streamlined is payroll. Integrating payroll with other business systems can transform how your business handles its finances, employee management and compliance. Payroll integration is the process of connecting […]

Are you dissatisfied with your payroll provider but worried about the complexities of switching to a new one? Many businesses believe the only time they can change payroll providers is the end of the calendar year and running their first payroll in January. The truth is, the middle of the year can also be a […]

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 […]

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 […]