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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.

Payroll 52
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It’s time to review (or create) your document retention policy

BMT Office Administration

Courts and government agencies frown upon individual employees selectively keeping or tossing important documents. When constructing your policy, examine legal and regulatory guidelines. Keep copies of your filed tax returns permanently. Such action raises concern about cover-ups. Always research rather than assume.

Policies 105
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Stay organized and secure with electronic records management

BMT Office Administration

Many serve as supporting evidence when the company files taxes or gives reports to other federal agencies. Electronic files allow approved people to get what they need regardless of where they are at. Payroll information. Access from outside the building. Many businesses operate out of more than one location. OSHA forms.

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IRS provides additional information on IRIS system

BMT Office Administration

The IRS is so serious about IRIS, its new simplified e-filing platform for information returns, that it’s convening monthly working group meetings over the internet. You can e-file through FIRE and IRIS, but don’t file the same returns through both platforms. TCCs, Crawford said, are your e-filing credential.

Filing 59