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Payroll

Form 1099-MISC news you can use

11/03/2014

Completing Forms W-2/W-3, and getting them into the hands of employees and the Social Security Administration on time, is tough enough. Your stress is further compounded if you also handle Forms 1099-MISC for the company’s independent contractors. Here’s what you need to know for the upcoming 1099 filing season.

November 2014: Employer’s business tax calendar

10/31/2014
This is your monthly guide to critical payroll due dates.

PTO banks go mainstream

10/31/2014
Use of paid time off leave banks has increased almost 50% in the last dozen years.

Are there limits to direct deposit?

10/30/2014
Q: A new employee wants us to direct deposit her paychecks into a business bank account. She’s provided proof that she’s the signatory on the account. Is this OK?

Enhanced pay report proposed for fed contractors

10/27/2014
The U.S. Department of Labor has issued a Notice of Proposed Rule­­making that would require the Office of Federal Contract Com­­pliance Programs to collect pay data from federal contractors.

Complicated compensation formula? Prepare to spell out all details in court

10/27/2014
Here’s a warning for employers with overly complicated compensation systems: If someone believes the pay plan is discriminatory, you’ll probably have to spend considerable time explaining the system in court. Simpler may be better.

Withholding on bonuses: The 25% solution (or not)?

10/27/2014
Q: The company pays bonuses to employees every fall. We’ve run across several 2014 W-4 forms on which employees claim an exemption from federal and state income tax withholding. Can we still withhold using the 25% flat supplemental withholding rate for federal purposes?

Nov. 2: Time to fall back

10/24/2014
Don’t forget daylight saving time’s effect on the payroll department.

Rules allow employees to opt out of cafeteria plan coverage

10/23/2014
Cafeteria plans may, but aren’t required to, allow employees who experience a change in status (such as a change in marital status) to change or revoke their elections. The IRS has expanded the conditions under which cafeteria plans may allow employees to revoke their elections to participate in group health plans to account for individual coverage that’s available on the exchange, which may be a better deal for them.

SHOP 2015: Buying health insurance on the ACA exchanges

10/22/2014
Under final ACA regulations, open enrollment for the 2015 plan year begins Nov. 15, 2014, for small employers that buy group health plans through the federally run Small Business Health Options Program. State-based SHOPs can set their own open enrollment periods.