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Compensation & Benefits

The revenue officer always calls first

08/21/2024
Undeposited payroll taxes pile up so quickly, the IRS has a special name for it: pyramiding. Pyramiding is of such a concern to the IRS that it used to send revenue officers, unannounced, to employers falling behind on their deposits. A recent memo from the IRS’ Small Business/Self-Employed Division outlines the new procedure for ROs who are pursuing failure-to-deposit penalties.

What records are good enough to pass an auditor’s test?

08/21/2024
The quality of your records determines the outcome of a tax audit. Keep sloppy records—what IRS auditors call the dreaded “box of frogs”—and odds are you just talked your way into a large tax bill. Mileage apps can help employees neaten up their documentation chores when they seek reimbursement for their business miles.

Time to pre-worry about this year’s W-2s

08/21/2024
Payroll is full of worry, and it only gets more intense as the year winds down. Here are some things you can do to ensure your year-end process runs as smoothly as possible.

Travel time & money: Lessons for employers

08/20/2024
Tracking working time and reimbursing nonexempt employees for their traveling expenses can be difficult tasks. Fail to do both and you’ll end up in the middle seat on a long flight to nowhere. Two cases illustrate.

By the numbers: Workers’ comp claim causes and effects

08/19/2024
The most common workplace accidents account for the most expensive workers’ compensation claims, according to a new report by Travelers, the nation’s largest workers’ comp insurer.

Retirement-savings research: How to enhance your retirement benefits and encourage employees to save

08/14/2024
Balances of defined-contribution retirement plans such as 401(k)s and 403(b)s grew significantly between 2019 and 2021, according to a new study by the Public Retirement Research Lab. Whether your organization operates in the public or private sector, the study offers some key takeaways HR professionals can use to encourage employees to contribute to their defined-contribution retirement plans.

401(k) auto-enrollment is coming. Are you prepared?

08/08/2024
Under SECURE 2.0, new 401(k) plans established after Dec. 29, 2022, must auto-enroll participants once they’re eligible, beginning with the 2025 plan year—Jan. 1 for calendar-year plans.

Wage growth tapered off in the last year

08/05/2024
Pressure to pay employees more seems to be easing. Compensation costs for private-sector employers increased 4.1% between June 2023 and June 2024, according to the Bureau of Labor Statistics.

Metrics: More than numbers and crucial to track

07/31/2024
You need metrics, as this data provides powerful information and information is power. Metrics can show how managers manage, track terminations and employee morale, support decision-making (e.g., having the data to justify a new hire) and identify trends. All of this makes the payroll department a key corporate player.

September 2024: Employer’s business tax calendar

07/31/2024
Here’s your monthly guide to critical payroll due dates.