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The 4 Best Retirement Plans for Self-Employed Individuals to Consider

Success

Saving and planning for retirement as a self-employed person can be more difficult than for others. Company employees often have access to a 401(k) or other retirement savings account that lets them make automatic contributions pulled from every paycheck. How is a self-employed retirement plan different from a 401(k)?

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Ensuring payroll compliance in 2024: What’s new?

BMT Office Administration

Maintaining payroll compliance is a must for accounting departments, but it’s often easier said than done. That’s especially true whenever new changes come about, and 2023 was a year rife with new payroll regulations, trends, and initiatives. These incentives are fully taxable and are subject to W-2 reporting.

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IRS update: digital communication and payroll

BMT Office Administration

He also confirmed FIRE’s eventual retirement, in favor of IRIS. It’s more challenging with business and payroll returns, because of the power of attorney; the IRS is beginning a POA initiative, he added. Zoom in for the payroll picture The IRS calls withholding voluntary, although your employees may beg to differ.

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Sorting out taxes and reporting for a deceased employee

BMT Office Administration

While fortunately a rare circumstance, dealing with payroll for a recently deceased employee can be tricky. Are there special reporting requirements? Hopefully this isn’t an issue that comes up for your payroll department often, but it’s important to know what to do, and get it right, in the event that it does happen.

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Rising Work Stress Surpasses Inflation and AI Anxiety as the Leading Threat to Employee Mental Wellness, Highlighting a Growing Crisis

Allwork

Wellhub, a corporate wellness platform that connects employees to the best partners for fitness, mindfulness, therapy, nutrition, and sleep, today released its 2025 State of Work-Life Wellness Report , revealing new data on employee wellbeing, including which benefits best support employees and how holistic wellness impacts the employee experience.

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Stay on track with this payroll compliance checklist

BMT Office Administration

Payroll compliance is no small task. Everyone knows that executing payroll accurately and on time is important, after all everyone wants to get paid for their world. However, there is also a lot more that goes into proper payroll processing including a large number of compliance functions and concerns.

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Want to Reach Your Potential? Be a Learner

Success

According to a 2022 McKinsey report , 36% of American workers earn a living partly or wholly through independent work, which included delivery workers, tutors, writers, freelancers, contracted workers and temporary positions. The same is increasingly true in many fields, whether you’re freelance or on the payroll. Growing independence.

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