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Payroll

IRS can claw back interest on erroneous payroll credits

07/17/2024
The IRS paid you overpayment interest if you received the refundable portion of a pandemic payroll tax credit late. The credits included the paid sick and family and medical leave credits and, importantly, the employee retention credit. Proposed regulations now allow the IRS to recapture the interest it paid on the refundable portion of these tax credits if you received the credits in error.

Student athletes may be employees under the FLSA

07/17/2024
These student athletes aren’t claiming to be independent contractors or volunteers, two categories of service providers who are exempt from the FLSA and the tax code. They’re not in a work-study program as most of us understand it. Nevertheless, both the FLSA and the tax code recognize two types of paid work—work as an employee or an independent contractor.

August 2024: Employer’s business tax calendar

06/30/2024
Here’s your monthly guide to critical payroll due dates.

SECURE 2.0 challenges, part 7: Distributions on account of emergencies and domestic abuse

06/25/2024
Beginning Jan. 1, 2024, SECURE 2.0 allows employees facing personal emergencies or who are victims of domestic abuse to access their 401(k) plans without incurred the 10% penalty on early distributions. IRS Notice 2024-55, in question-and-answer form, provides some guidance on these two provisions.

Giving crypto a try? Heed these 4 payroll precautions

06/21/2024
Cryptocurrency is hot, with the value of Bitcoin, Ethereum and other forms of digital currency growing more than 60% since the beginning of 2024. Some of your employees may have started asking if they can be paid in cryptocurrency. Proceed with caution!

401(k) assets offer a lifeline after disasters

06/20/2024
It can take a lot of money to dig out of a natural disaster. One ready pot of money is employees’ 401(k) plans. Rather than counting on Congress to provide disaster relief after every hurricane or wildfire, SECURE 2.0 establishes rules for disaster distributions on an ongoing basis.

In the Payroll Mailbag: July ’24

06/20/2024
What expenses can a health FSA reimburse tax-free? … How do we tax all-expenses-paid trips for employees & spouses?

Payroll pro & con: To auto-deduct for meals or not

06/20/2024
The reasoning behind auto-deducting meal breaks is simple: Employees no longer need to think about it and you no longer have to deal with those who forget to clock in and out. In theory, auto-deducting eliminates wage overpayments and faulty regular rate and overtime calculations. But there are issues you need to resolve before you buy into auto-deductions.

He said, they said: No records puts employer in a messy place

06/20/2024
Lawsuits for unpaid overtime aren’t always so cut-and-dried. They can come in layers, with each layer costing you more. The 5th Circuit ruled that an employer could be liable for unpaid overtime if it misclassified workers as independent contractors, even though the workers had scant evidence of their unpaid overtime.

Emergency preparedness can pay off for payroll

06/20/2024
The National Oceanic and Atmospheric Administration is predicting a banner summer for hurricanes and tropical storms. This spells trouble for payroll departments. By taking some simple steps now, you can secure your payroll and business records against anything Mother Nature can devise and get the business back up and running in no time.