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Payroll

Forget a late or early spring–February is W-2 time

02/02/2012
Darn that groundhog! If it knew what payroll administrators know about looming W-2 deadlines, it would never come out of its den. Paper W-2s are due to the Social Security Administration by the end of the month; e-filed forms are due by April 2.

Heads up! Employment law in the news means employee chatter

01/31/2012
There’s plenty of employment law news making its way into the mainstream media. That means the workplace will be buzzing with em­­ployee chatter about working conditions, pay and unions. Prepare now for how to react.

Social Security rate stays at 4.2%–likely through ’12

01/31/2012
In December, a last-minute congressional vote allowed the year-long 4.2% employee Social Security tax rate to remain at least through Feb. 29. But if congressional negotiations break down, be aware that the rate could jump back to 6.2%.

Start your engines! Mileage rate at 55.5 cents a mile

01/30/2012

The standard mileage rate, which employers may use to reimburse employees who drive their own cars on business, remains 55.5 cents a mile for 2012. You can also use the standard mileage rate to value employees’ personal use of moderately priced company cars.

IRS tells how to make bonuses tax deductible for employers

01/25/2012
The IRS has clarified that em­­ployers can take a current-year tax deduc­­tion for a fixed amount of bonuses that will be paid to employees during the following year, even though the amount that each employee will re­­ceive, and even the identity of employees, aren’t known until after the tax year ends.

ACH fraud is Payroll’s newest headache

01/17/2012
You couldn’t have direct deposit or online banking without the Automated Clearing House (ACH) network. Unfortunately, online banking through the ACH network has generated a new cyber crime—ACH fraud. Payroll, which uses the ACH network for direct deposits and other transactions, is particularly vulnerable.

Help employees handle their federal income taxes

01/12/2012
Comp and benefits pros have three ways to make tax time easier on employees this spring. Work with your colleagues in payroll and accounting to publicize these conveniences—and protect workers from fraud.

We interrupt your perfectly good day for year-end anxiety

01/03/2012
Payroll doesn’t have time to shake off any lingering holiday blues, since it’s down-to-the-wire time for W-2s. Here are two tax questions about gift cards and staff discounts:

IRS loosens de minimis deposit rules, sets 944 filing rules

01/02/2012
Under the de minimis deposit safe harbor rule, employers that accumulate less than $2,500 in payroll taxes during the current calendar quarter can pay those taxes with their Form 941, rather than deposit them. Final regulations allow quarterly filers to use the safe harbor rule if their accumulated taxes for the current or preceding quarter are less than $2,500.

Bonuses: You paid them, now when can you deduct them?

01/02/2012
If you use an accrual method of accounting and allocate money to a bonus pool, you can breathe a sigh of tax deductible relief. The IRS has concluded that employers can take a current tax deduction for a fixed amount of bonuses that will be paid to employees during the next year.