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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. From the implementation of SECURE 2.0 From the implementation of SECURE 2.0

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IRS update: digital communication and payroll

BMT Office Administration

Mamo reviewed some initiatives, including IRIS , the IRS’ new simplified platform for filing 1099s. 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. Cloud capabilities.

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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 Be a Freelancer? Here’s How to Get Started

Success

This article appears in the September 2024 issue of SUCCESS+ Magazine. Photo by PeopleImages.com – Yuri A/Shutterstock The post Want To Be a Freelancer?

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Making Taxes Less Taxing

Success

You’ll see these when inputting expenses into your accounting software or spreadsheet or when reviewing your transactions. When you’re inputting or reviewing your expenses as part of your tax preparation, you’re paying more attention to them and can even consider whether you really need to spend money on certain items or services.

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Things You Can Do As A Small Business Owner To Limit Your Tax Liability

Eco-Office Gals

It’s important as a business person that you review your taxes to know whether you are reducing or maximizing the deduction. Have A Retirement Plan. As an entrepreneur whose aim is to limit tax deductions contributing to a retirement plan is a good idea. Have A Disregarded Entity. Contribute To A Charity Organization.

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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

1099 workers also are not generally paid through regular payroll and do not typically have taxes withheld from their checks or deposits. If you are paying someone through your normal employee payroll process with income tax withholdings, you typically need to send them a W-2. Booth copies must be sent out by January 31. Control number.

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