BMT Office Administration

MAY 30, 2022

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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BMT Office Administration

MAY 9, 2024

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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Success

SEPTEMBER 27, 2024

If you start working as a freelancer without forming an LLC or corporation, you’re automatically considered a sole proprietor. There are some tax and liability advantages for LLCs and S corporations, but they also require more fees and business tax forms. The IRS also offers free filing programs if you don’t want to buy software.

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The Small Business Blog

JULY 14, 2006

Community for small business outsourcing and cost control. Planned Maintenance – Upgrade to WinWeb.com The Cost of Borrowing Small Office Tips Finding The Best Employees For Your Small Business Do You Need Encouraging To ‘Go Green’? If you are operating through a limited company the form you use is CT41G. Build your own network!

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BMT Office Administration

OCTOBER 27, 2022

The IRS released Forms 1095-C and 1094-C for 2022 healthcare information reporting last week. These forms are required reporting under the Affordable Care Act for employers required to offer health insurance coverage. The instructions are still in draft form , however not much has changed from the 2021 reporting.

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The Small Business Blog

OCTOBER 17, 2007

Community for small business outsourcing and cost control. Planned Maintenance – Upgrade to WinWeb.com The Cost of Borrowing Small Office Tips Finding The Best Employees For Your Small Business Do You Need Encouraging To ‘Go Green’? E-Mail me or follow me. Starting a Small Business? You ask a question, I answer! Build your own network!

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BMT Office Administration

NOVEMBER 16, 2022

Forms such as IRS Form W-2 and IRS Form 1099 need to be sent out by the end of January. Both forms provide end-of-year compensation information that employees and contractors need for tax purposes. A W-2 is a tax form that businesses send to their employees as well as the government. What is a W-2? What is a 1099?

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BMT Office Administration

OCTOBER 31, 2023

Most small businesses focus on their product/service team and sales staff in the early years, but someone still needs to run payroll and handle onboarding for new hires. This includes things like payroll administration, employee benefits , HR compliance, and talent acquisition. How does HR Outsourcing work for small businesses?

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BMT Office Administration

AUGUST 18, 2023

You may qualify for a hardship waiver if the cost of e-filing exceeds the cost of filing on paper. These filers should notify the IRS that they qualify for a religious exemption in advance of filing returns and other documents by filing a Form 8508. 42-007 , Specifications for Filing Forms W-2 Electronically (EFW2).

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Small Business Labs

DECEMBER 16, 2014

  Cloud Automation tools are simplifying a wide range of traditional small business applications such as accounting, payroll, inventory management, HR and benefits administration, etc.  While legislation allowing this form of equity financing remains stalled at a national level, about a dozen states now allow equity crowdfunding.

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BMT Office Administration

JUNE 22, 2022

Software systems also tend to be more secure for sharing sensitive information including employee forms with SSNs and other private data. These tools typically include onboarding, payroll , benefits, timekeeping, and performance management functionality. Cons: Can be cost-prohibitive for smaller businesses. Preventing lost data.

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BMT Office Administration

JULY 3, 2023

Besides the EEOC, the IRS also has requirements for employee documents, including which forms you need to have for each employee, such as W-4s. These types of violations can cost your organization $75,000+ , so keeping confidential information separate is a must. Here’s what you’ll need to include in your confidential employee files.

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BMT Office Administration

DECEMBER 19, 2022

These documents include payroll records, time cards, pay rate information, and anything else related to payment. These types of documents include exit interview forms, final performance reviews , termination letters , and benefits information. You’re legally required to hold on to these forms, so don’t throw them out.

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Medical Payroll Filing Legal 52

The Small Business Blog

JUNE 29, 2006

Community for small business outsourcing and cost control. Planned Maintenance – Upgrade to WinWeb.com The Cost of Borrowing Small Office Tips Finding The Best Employees For Your Small Business Do You Need Encouraging To ‘Go Green’? Ask me your small business questions, I will answer them ASAP. Build your own network!

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BMT Office Administration

APRIL 22, 2024

Other reasons why timesheet approval is a necessity include: It ensures proper payroll processing. Whenever a manager submits their employee timecards to payroll , they need to be extremely precise. This could take the form of excessive tardiness, absences, or not having enough time during the day to complete their tasks.

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BMT Office Administration

DECEMBER 6, 2023

You can print these forms and furnish them to employees. Downside: Keying in information on more than a handful of forms, let alone 50 forms, is a recipe for mistakes. You file Form 8508 with the IRS to request a waiver from e-filing the current year’s information returns (including 1099s). Or make that two accountants.

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BMT Office Administration

FEBRUARY 23, 2023

Small employers e-filing Forms 1095-B/1094-C will need to use the IRS’ AIR system. The IRS says it will evaluate these objections on a form-by-form basis and not on an employer-by-employer basis. Example: In 2024, Sparky files 12 Forms 1099-NEC on paper, but it should have e-filed all of those returns.

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Catch Friday

MARCH 6, 2011

It would be costly to form your own finance team. Business outsourcing services have finance experts who will be able to help your business with tasks like accounting, payroll, bookkeeping, asset management, and tax accounting among many others. IT Support – IT is another non core task that is usually outsourced.

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Small Business CEO

OCTOBER 1, 2010

A poor relationship with IT can be extremely detrimental to the efficiency, productivity and cost-effectiveness of your organization. Watch for some of these warning situations: • Everyone knows HR cuts payroll checks, and finance pays vendors. Form a prioritization committee comprised of IT management and business leaders.

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BMT Office Administration

APRIL 12, 2023

Payroll files. Your payroll files should include W-4s, W-2s, timesheets, direct deposits, and wage rates. ADEA (Age Discrimination in Employment Act) record requirements state you must retain payroll records for three years. The Fair Labor Standards Act (FLSA) states employees must hold onto payroll records for three years.

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The Small Business Blog

OCTOBER 1, 2007

Community for small business outsourcing and cost control. Planned Maintenance – Upgrade to WinWeb.com The Cost of Borrowing Small Office Tips Finding The Best Employees For Your Small Business Do You Need Encouraging To ‘Go Green’? Small Business Bootstrapping How to start your own small business with no or little money.

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BMT Office Administration

JUNE 26, 2023

In fact, ROBS is currently the most popular form of business financing in 2023. Equity refers to the total value of a company’s assets minus the cost of its debts. Due to these costs, it’s sometimes necessary for businesses to go into debt to achieve the cash flow they need to survive.

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Stephanie LH Calahan

NOVEMBER 28, 2012

Most of the entrepreneurs I talk with tell me that they started their business because they wanted some form of freedom.    Revenue, net income, total expenses, and payroll costs are just a few of the items that you may be monitoring on your profit and loss statement.    What about you?

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Recruit CRM

APRIL 14, 2021

Decoding Blockchain Technology For Dummies Blockchain is an immutable and shared ledger (encrypted & anonymous) that records transactions and tracks various forms of tangible (houses, real estate, cars) or intangible assets (copyrights, intellectual property, patents, brandings) in a business network.

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Allwork

NOVEMBER 21, 2024

This provides employees with opportunities to gain broader insights and form meaningful connections across the company. For instance, an employee spending summers in Hungary and winters in Spain could trigger payroll obligations and visa issues in both countries.

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Success

NOVEMBER 19, 2024

If you’re still strapped, consider a grant—a form of funding you don’t need to repay. Grants can be an important part of your funding strategy, helping cover everything from restorations to marketing, technology, community impact and project costs. Itemize what each need costs. Covers rent, utilities, supplies and payroll.

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BMT Office Administration

JANUARY 20, 2025

Unveiling the hidden costs of doing business Do you have a handle on your organization’s indirect costs? Otherwise, ‘hidden costs’ like providing health insurance and the cost of utilities will eat into your projected profitability. It’s a must-ask question for any business.

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Allwork

MAY 2, 2025

With the latest reductions, reported on Friday in the monthly nonfarm payrolls report from the Bureau of Labor Statistics, federal government non-U.S. More than 75,000 federal workers have agreed to a form of buyout called deferred retirement, but they will remain on government payrolls until later this year. The ranks of U.S.

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