Payroll

Should we log independent contractors’ hours?

07/26/2011

Q. Does asking independent contractors to complete a time sheet jeopardize their contractor status?

How should we pay if our time clock breaks?

07/26/2011

Q. Because of a time-clock malfunction, we couldn’t determine how much pay we owed some employees. What is our obligation to pay employees if we can’t calculate the exact number of hours worked? Is there any penalty for the delayed payment?

Late W-2c forms are now twice as costly

07/19/2011

The 2010 Small Business Jobs Act doubles the penalty—now $100, up from $50—for each missing or incorrect 2010 Form W-2 that is filed or corrected after Aug. 1, 2011.

1099 TIN truncation to continue for 2 more years

07/14/2011

The IRS has extended its pilot program under which filers of the Forms 1099 series of information returns may truncate the first five digits of payees’ Taxpayer Identification Numbers (TINs) on payees’ paper copies.

A midyear checklist for payroll compliance

07/12/2011

With summer schedules slowing down, you may have more time to tackle projects further down on your to-do list. Here are some general payroll maintenance tasks to work on in the coming months. Getting things in order now also makes for a smoother year-end process.

Work in your pajamas: What could be better than that?

07/08/2011

Before any employee begins telecommuting, there are payroll issues you need to resolve: keeping time for nonexempts, how and when to pay, and reimbursement for business expenses.

Making paycheck deductions in New York is dangerous business

07/06/2011

When an employee owes the company money, it may be tempting to simply deduct it from his or her next paycheck. But in New York, that can be a big mistake. Over the past couple of years, the New York State Department of Labor has issued several opinion letters that significantly narrow its interpretation of New York Labor Law Section 193.

How can we recoup money we overpaid worker?

06/23/2011

Q. We pay most of our employees’ wages and salaries via direct deposit. Last week, two checks for the same pay period were deposited into an employee’s account. Can we legally have the bank withdraw the extra funds from the employee’s account?

This summer’s hot priority: midyear payroll maintenance

06/22/2011

With summer heat setting in, you may be tempted to run through the sprinklers. But before you slip off your sandals, consider tackling these general payroll maintenance tasks. Getting things in order now also makes for a smoother year-end process.

Taxing and reporting retiree group-term life insurance?

06/21/2011

Question: My company provides group-term life insurance with a value of more than $50,000 to some retirees. I know I have to report the uncollected employee FICA taxes on their W-2s in Box 12 with Codes M and N. Do we have to pay the employer share of these taxes? If so, when are they due? Also, how are the amounts reported on Form 941?