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Payroll

College is expensive. Here’s how you can help

03/20/2024
Employees who paid off their student loans long ago are now helping their kids through college, and some are taking out second mortgages to do it. You can ease some of this burden by establishing a tax-free scholarship program for employees’ kids. A private letter ruling shows the way.

Pay on time or pay the price

03/20/2024
In New York, manual workers must be paid weekly. Who can sue if employers fail to pay on time? A New York appellate court has ruled that only the labor department can sue noncompliant employers, not employees.

IRS allows e-filing exceptions for Forms 1120 & 1065

03/20/2024
Final regulations requiring you to e-file your information returns if you’re filing any combination of 10 or more returns also impact other tax returns.

White-collar Wednesdays: Traps when reclassifying employees

03/06/2024
The Department of Labor has said all along that it expects to release final regulations raising the salary employees must earn to remain exempt from the FLSA next month. And it appears it’s making good on its promise. Some employees will inevitably be reclassified as nonexempt due to these regulations. So this week we’re looking at how to handle this touchy subject.

April 2024: Employer’s business tax calendar

02/29/2024
Here’s your monthly guide to critical payroll due dates.

In the Payroll Mailbag: March ’24

02/21/2024
Sometimes “no” can be a good thing—as in no, this item is tax-free. Here are two perfect examples.

DOL adjusts penalties for 2024

02/21/2024
The Department of Labor has announced the 2024 inflation adjustments to penalties for violations of the Fair Labor Standards Act, the Family and Medical Leave Act and ERISA.

Old test or new, the FLSA still defaults to employee status

02/21/2024
The Fair Labor Standards Act is remedial legislation that is meant to cover as many employees as possible. The Department of Labor’s final worker status regulations were never intended to change this. The main reason for issuing the regs was to codify the Supreme Court’s 80-year-old test. A recent case decided before the final regs were issued illustrates.

Payroll practice essentials: Communicating with employees

02/21/2024
Your annual memo to employees explaining the entries on their W-2s shouldn’t be the beginning and end of your outreach to employees. At some point, you will need to communicate various items to employees: new-hire orientation packets, department policies or changes to payroll procedures (e.g., switching pay periods or introducing a new employee self-service platform). Communicating with employees shouldn’t strike fear in your heart.

Paper receipts still needed to substantiate expenses

02/21/2024
There is no substitute for paper receipts to substantiate employees’ business expenses. Expenses entered into a software program aren’t the equivalent of paper receipts, a federal trial court ruled. A couple who relied on tax software to substantiate their business expenses and losses was out of luck and out of money to the U.S. Treasury.