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Benefits of outsourcing HR for small businesses

BMT Office Administration

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?

Payroll 52
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

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?

Payroll 52
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5 SOP examples for your business

BMT Office Administration

In order to produce more consistent results and streamline your internal operations, it can be beneficial to create standard operating procedures for everyone to follow. Conduct the HR orientation to orient the new employee with the timekeeping and payroll software , necessary paperwork, and internal resources.

Payroll 72
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Employee Files: What to include, what to leave out, and what’s confidential

BMT Office Administration

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. Whether you’re using cutting-edge HR software or a physical filing cabinet, you’ll need to separate each employee’s file into two main categories — their main file and their confidential file.

Filing 52
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Employee Records: End of year review & preparing for next year

BMT Office Administration

Whether you use cloud-based software or old-school metal filing cabinets, having an employee recordkeeping system in place at your company is a must. These documents include payroll records, time cards, pay rate information, and anything else related to payment. Employee investigation forms. Compensation. Medical records.

Medical 52
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Navigating the IRS’ Interactive Tax Assistant

BMT Office Administration

Once I got the hang of loading the tax-prep software onto my almost-brand-new Windows 10 laptop and ran through sometimes deliberately vague set-up questions, I discovered several blatant errors. scholarships); Deductions; Credits; International; and Additional Topics. It’s payroll -friendly, too! With minimal help, of course.

Payroll 52
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2-D barcoding may be coming to paper 1040s

BMT Office Administration

The Taxpayer Advocate Services’ (TAS) solution is to issue a Taxpayer Advocate Directive giving the IRS 45 days to work with the tax software industry to develop a plan to implement 2-D barcodes on self-prepared 1040s for the 2023 filing season. A section of the Internal Revenue Manual (i.e., Does the TAS have this power?

Filing 52