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4 important payroll issues to keep an eye on in 2023

BMT Office Administration

Nevertheless, 2023 is looking like another challenging year for Payroll as we get a few insights into what to expect. The IRS punted on its final regulations , dropping the mandatory e-filing threshold for information returns for 2021 and 2022 W-2s, 1099s, and 1095s. Here are five items we see coming this year. Final e-filing regs.

Payroll 52
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From the Archives: The Ultimate Cost of Penny-Pinching

Success

The Expensive Is Often the Cheapest. Trying to cut the payroll down to the lowest possible dollar has ruined many a concern. The breakage, the damage, the losses, the expensive blunders, the injury to merchandise, the loss of customers resulting from cheap labor are not compensated for by low wages.

Clothes 246
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Small business tax credits and deductions you should know about

BMT Office Administration

IRC § 41 refundable research credit IRC § 41 allows you to claim a tax credit for qualified research expenses above a base amount. For certain small businesses, however, the credit is effectively refundable , depending on the size of their payroll. Deductions exceeding your income may be carried forward for up to 20 years.

Payroll 98
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What Is The Impact Of Hybrid Working On Space Optimization?

Allwork

From Colliers’ 2022 Innovation Summit , we gather that 60% of companies will only need 50% to 70% of their existing office space in the coming three years. After all, commercial real estate is, on average, the second-highest expense for most businesses, only surpassed by payroll. The answer is not so clear-cut.

Policies 299
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

It can also help to look at whether the worker is reimbursed for expenses incurred while completing the work. Some expenses may be included on independent contractor invoices, but the basic tools or programs required to complete the work are often provided by the contractor. Booth copies must be sent out by January 31. Medicare wages.

Payroll 52
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W-2 E-filing guide: Brush up before you file

BMT Office Administration

However, mistakes can be expensive and draw unwanted attention from the IRS. Click on the radio button W-2/W-3 forms for tax year 2022 or previous tax years (EFW2). Most employers are probably familiar with the e-filing process. The more accurate you are upfront, the less likely you are to have mistakes to fix later.

Filing 52
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Top 3 Global Coworking Hotspots

Allwork

Granted, wholly remote work has slightly decreased, but according to Gallup research, hybrid work increased throughout 2022 and is expected to continue increasing moving forward. s increase in coworking spaces too, like government support, growing startup ecosystems, and expensive commercial properties. is easy to understand.

2022 290