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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. You must tax per diems exceeding the GSA’s rates, unless employees provide a full accounting of their expenses. We wish we had a crystal ball, but we don’t. Here are five items we see coming this year.

Payroll 52
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Small business tax credits and deductions you should know about

BMT Office Administration

For 2023, you can deduct up to $1.16 million of the cost of qualified property—machinery, equipment, standardized computer software, and improvements to nonresidential buildings—placed into service in 2023. In 2023, this amount is $2.89 IRC § 179 puts money in your pocket by letting you take a full tax deduction instead.

Payroll 98
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What’s the deal with on-demand pay?

BMT Office Administration

There were at least 11 on-demand pay vendors at the American Payroll Association’s Annual Congress last month, not including the national third-party payroll providers. Nothing wrong with vendors highlighting their products at a convention of Payroll professionals. What is the additional burden on the Payroll department?

Payroll 97
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HR Leaders Share How New Salary Transparency Laws Have Changed Everything

Allwork

As of November 1, a law in New York City now requires employers with four or more people on the payroll to provide a salary pay range in all job advertisements. . Starting January 1, 2023, a similar law will go into effect in California for employers with at least 15 employees.

Salary 246
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Business finance: The ultimate guide for non-finance people

BMT Office Administration

In fact, ROBS is currently the most popular form of business financing in 2023. While this may seem complicated at first glance, it becomes easier to grasp when you understand a few key concepts about financial management. For instance, the fiscal year is often the period used to measure revenue, profit, expenses, debts, and more.

Finance 105
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

While individuals have until April 18, 2023, to file their personal income taxes, businesses have to start thinking about tax requirements a bit sooner. It can also help to look at whether the worker is reimbursed for expenses incurred while completing the work. It is the end of the year, and that means that tax season is approaching.

Payroll 52
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Applying for a W2 e-filing waiver

BMT Office Administration

Since a waiver is for the current year’s filings only, be sure to enter 2023 on Line 1a. The IRS reads this as very expensive, and this hasn’t changed. The post Applying for a W2 e-filing waiver appeared first on Business Management Daily. First-time e-filers need not justify their reasons for seeking a waiver.

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