Tag Archives: Payroll

IRS Payroll Tax: Jenkins Dialogue Diaspora Trust Fund Recovery Penalty

Small business heads up — know your responsibility and consequences.

Excerpt:  The case demonstrates that even those CFOs who do not sign the tax returns themselves may become liable for the signer’s failure or inability to pay taxes. In general, responsible corporate officers and counsel who willfully fail to pay payroll taxes become personally liable for the taxes. While many business owners are stuck paying corporate payroll taxes out of their own pockets, a few also wind up going to jail for their failures to pay

Read full article IRS payroll tax Jenkins Dialogue Diaspora Trust Fund Recovery Penalty.  From CFO.com

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Filed under Human Resources & Payroll, Small Business, Taxes & Audit

Grant Thornton LLP | Compensation and Benefits Bulletin

Grant Thornton gives us 2 update bulletins on timely and hot topics in business today.  Human resources and small business takeaways

Excerpt:
Understanding shadow payroll

SEC adopts rules for compensation committee members and compensation advisers

Read two articles and access download via Grant Thornton LLP.

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Filed under Human Resources & Payroll, Small Business

IRS: Form W-2 Reporting of Employer-Sponsored Health Coverage

The IRS posted this page with updated information for the employer sponsored health coverage …….W-2 reporting.   Human resources, payroll, accounting and tax

Read full updated information here………..Form W-2 Reporting of Employer-Sponsored Health Coverage.  From IRS

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Filed under Accounting, Bookkeeping, GAAP, IFRS, Human Resources & Payroll, Taxes & Audit

Fair Labor Standards Act (FLSA) – Hours Worked Advisor

The material is need-to-know for small business owners…….for example, did you know that under certain conditions commute time qualifies as hours worked?       Human resources and payroll

Excerpt…….The Fair Labor Standards Act (FLSA) requires that all covered, nonexempt employees be paid at least the minimum wage for all hours worked. The FLSA also provides that covered, nonexempt employees who work more than 40 hours in the workweek must receive at least one and one-half times their regular rate of pay for the overtime hours (hours worked over 40 in a workweek). A workweek, which can begin on any day of the week, is 7 consecutive 24-hour periods or 168 consecutive hours.

To review coverage or exemptions under the FLSA, click on the underlined text.

Read and keep for reference……..via Fair Labor Standards Act (FLSA) – Hours Worked Advisor.  FDOLrom Department of Labor

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Filed under Human Resources & Payroll, Small Business

Payroll Tax Cut Extended to the End of 2012; Revised Payroll Tax Form Now Available to Employers

The IRS will issue additional guidance, as needed, to implement the newly-extended payroll tax cut, and any further updates will be posted on IRS.gov.

via Payroll Tax Cut Extended to the End of 2012; Revised Payroll Tax Form Now Available to Employers.  From IRS.gov

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Lawmakers Announce Bipartisan Deal on Payroll Tax Cut | Fox Business

This is good news……and until signed, of course, news to watch.   It appears the payroll tax cut will be extended through year end 2012.     Human resources, payroll, tax and accounting.

Excerpt……It was not immediately clear when the House of Representatives and Senate would vote on the deal, but lawmakers hoped to do so before they leave Friday for a week-long recess.

Read full article……..via Lawmakers Announce Bipartisan Deal on Payroll Tax Cut | Fox Business.

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Filed under Accounting, Bookkeeping, GAAP, IFRS, Human Resources & Payroll, Taxes & Audit

Grant Thornton Guide to Form W-2 Reporting of Group Health Insurance Cost

Small business and human resources need-to-know…..payroll and tax.

Excerpt introduction to download……..In early 2012 the IRS issued guidance for employers regarding Form W-2 reporting to their employees about the cost of their group health insurance coverage. You are required to start the reporting on the Forms W-2 that you issue to your employees for calendar year 2012.

To help you get started, Grant Thornton has prepared questions and answers organized in the following categories:
Employers exempt from the reporting requirement
Commencement of reporting
Types of coverage to report
Amount to report
Reporting for terminated employees and other employee situations
Special situations: Common paymasters, acquisitions during the year
Procedural details: Where on Form W-2 to report the cost of group health insurance coverage, Form W-3 considerations
Questions your employees may ask

Download full paper here……..via Grant Thornton guide to Form W-2 reporting of group health insurance cost – Grant Thornton LLP.

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Filed under Human Resources & Payroll, Small Business, Taxes & Audit

IRS: Employee Tool & Equipment Plans

If you are in an business that includes these plans, please read this guidance from the IRS page.  There are issues with purported accountable plans that are not.      Human resources, payroll and taxes.

Excerpt……..This resource page provides information and guidance related to Employee Tool and Equipment Plans, sometimes called Service Technician’s Tool Reimbursement Plans (Tool Plans). Tool Plans are programs that are marketed in various industries including auto dealership and repair facilities and other trades that require employees to provide their own tools. The plans typically purport to receive tax-favored treatment as “accountable plans” under Internal Revenue Code § 62(c) and the accompanying regulations.

Read full article……via Employee Tool & Equipment Plans.  From IRS.gov

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FUTA Credit Reductions: Does Your Business Owe More in Taxes?

Human resources, accounting and payroll small business need-to-know……

Excerpt…….The FUTA UI tax rate was originally set at 6.0%. For over 30 years, a temporary surcharge of 0.2% made the effective FUTA UI tax rate 6.2%. The surcharge expired on June 30, 2011, and the rate reverted to 6.0% as of July 1, 2011. However, it is important to understand that most employers do not pay the full tax; employers that pay their state unemployment tax on time receive an offset FUTA tax credit of 5.4%, resulting in a net rate of 0.6%.

There are three ways that employers can lose FUTA tax credits:

Read full article………via FUTA Credit Reductions: Does Your Business Owe More in Taxes? | NFIB.

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IRS Issues New Guidance on W-2 Reporting of Health Plan Costs

Important small business need-to-know accounting, payroll and #tax on health benefits.  This is an update!   Human resources, payroll and management

Excerpt……The IRS released new guidance on the requirement that employers provide information to employees on the cost of employer-provided group health plan coverage (Notice 2012-9). The guidance comes in the form of 39 questions and answers. It supersedes Notice 2011-28 and makes changes to requirements that were issued in Notice 2011-28

Read full article……via IRS Issues New Guidance on W-2 Reporting of Health Plan Costs.  From Journal of Accountancy

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Filed under Human Resources & Payroll, Management, Small Business, Taxes & Audit

Setting Up a Bonus Plan

The article was written from an accountant’s adivsory role, but the steps and tips are valid takeaway for all small business owners….  I think the full story of bonus error and positives is still being written….but the article gives you very good basics.   Human resources, payroll, accounting…

Excerpt…..As you go through each of the steps you might begin to notice an amazing similarity to the architecture we refer to when we build a Hierarchy of Measures for identifying strategically focused Key Performance Indicators. The reason for the common architecture is simple,

How to Set up a Bonus Plan

Read full article…….via Setting Up a Bonus Plan | –.  From The Progressive Accountant

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Filed under Accounting, Bookkeeping, GAAP, IFRS, Human Resources & Payroll, Small Business

New Minimum Wage Increases Kick In

Human resources and small business payroll need-to-know …

Excerpt…….The baseline wage goes up this week in 8 states … and San Francisco. Does this affect you?

Some of America’s lowest-paid workers have gotten a pay raise, courtesy of state and local governments.

Read full article…..via New Minimum Wage Increases Kick In « Inc. Wire.

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5 Things To Know About Year-End Bonuses : AMEX

In a prior post:  bonuses can be accrued year end for future payment under certain requirements….. here is that tip again plus others……  if you plan to give bonuses to your staff, read this need-to-know.  Human resources, payroll and small business.

Excerpt……….need to adhere to tax rules on how to treat bonuses. Here are five practical points (including tax matters) to keep in mind.

Read full article…..via 5 Things To Know About Year-End Bonuses : Managing :: American Express OPEN Forum.

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New W-2 Reporting Requirements for Health Care Confusing Taxpayers (Already)

Human resources, payroll, accounting and small business owners….here is more in your need-to-know bank of the new health care regulations and how-to handle..

Excerpt…..I had prepped myself for the idea that taxpayers were going to be confused by the new health care reporting requirements ever since last year when the rumormongering about taxing health care benefits in 2011 started. I wasn’t expecting taxpayers to be in a dither quite so far ahead of #tax season.

Read full article and take advantage of link downloads here……via New W-2 Reporting Requirements for Health Care Confusing Taxpayers (Already) – Forbes.

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Filed under Accounting, Bookkeeping, GAAP, IFRS, Human Resources & Payroll, Small Business, Taxes & Audit

Accrue for Yearend Bonuses – Yes, If Criteria Met

Small business need-to-know human resources, payroll and accounting.

Excerpt……Can an employer establish the “fact of the liability” under § 461 of the Internal Revenue Code for bonuses payable to a group of employees if the employer does not know the identity of any particular bonus recipient and the amount payable to that recipient until after the end of the taxable year?

Read full article / announcement here……..http://www.irs.gov/pub/irs-drop/rr-11-29.pdf

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Filed under Accounting, Bookkeeping, GAAP, IFRS, Human Resources & Payroll, Small Business