There are a few minor changes to Q1 Form 941 for 2023 and other news in payroll for 2023. IRS Releases The Final Forms And Instructions For Form 941 There are a few minor changes to Q1 Form 941 for 2023. The instructions for Line 1 have changed slightly to include the… https://www.aatrix.com/news/2023/03/form-941-changes-and-other-important-first-quarter-payroll-news/
There are two types of employees – "exempt" and "nonexempt." An exempt employee is not entitled to overtime pay and other protections according to the Fair Labor Standards Act (FLSA). Nonexempt employees must be paid minimum wage, overtime, and provided b… There are two types of employees – "exempt" and "nonexempt." An exempt employee is not entitled to overtime pay and other protections according to the Fair Labor Standards Act… https://www.aatrix.com/news/2023/03/how-avoid-misclassification-exempt-vs-nonexempt-employees/
The FMLA entitles eligible employees of covered employers to take unpaid, job-protected leave for specified family and medical reasons with continuation of group health insurance coverage under the same terms and conditions as if the employee had not take… California Contributions: In 2023, employers must deduct from employees’ wages 0.9% of the first $153,164 in wages paid to an employee in a calendar year, with a maximum… https://www.aatrix.com/news/2023/03/what-you-need-know-about-state-fmla-changes-2023/
The IRS made wholesale changes to the W-4 in 2020. The form was changed to allow more accurate withholdings due to the changes in the tax code related to the Tax Cut And Jobs Act passed in 2017. This legislation eliminated personal exemptions, increased t… The IRS made wholesale changes to the W-4 in 2020. The form was changed to allow more accurate withholdings due to the changes in the tax code related to the Tax Cut And Jobs Act… https://www.aatrix.com/news/2023/02/what-do-if-your-employees-are-complaining-about-their-tax-refund/
A W-2c form is an IRS tax document used to correct or amend a W-2. It is also called a Corrected Wage and Tax Statements Form. A W-2 needs to be amended with a W-2c when an error is made when reporting employee income. Typical errors found on W-2s include… What is a W-2c? A W-2c form is an IRS tax document used to correct or amend a W-2. It is also called a Corrected Wage and Tax Statements Form. A W-2 needs to be amended with a… https://www.aatrix.com/news/2023/02/what-you-need-know-about-w-2-cs/
Employers with more than 50 full-time or equivalent employees must comply with the Affordable Care Act (ACA) requirements. These Applicable Large Employers (ALE) are required to file the ACA Form 1095 annually. As this year's filings are being prepared, e… Employers with more than 50 full-time or equivalent employees must comply with the Affordable Care Act (ACA) requirements. These Applicable Large Employers (ALE) are required to… https://www.aatrix.com/news/2023/02/aca-deadlines-and-items-review-when-preparing-2023/
Year-end is here and to guarantee timely filing and avoid fines and penalties associated with late filings, it is critical to know the deadline for each year-end report you are required to file. The following deadlines are the dates your files must be re… Aatrix W-2/1099 Year-End eFile Deadlines Year-end is here and to guarantee timely filing and avoid fines and penalties associated with late filings, it is critical to know the… https://www.aatrix.com/news/2022/12/2022-year-end-payroll-reporting-deadline-dates/
Filing W-2s on time is critical if businesses want to avoid severe fines and penalties for late filing. There are penalties in place for businesses that do not file on time and accurately. Filing W-2s on time is critical if businesses want to avoid severe fines and penalties for late filing. There are penalties in place for businesses that do not file on time and… https://www.aatrix.com/news/2022/12/2023-fines-and-penalties-failing-meet-w-2-filing-deadlines/
What's news with the 2022 940: Including Credit Reduction States, Who Must File A 940, Electronic Fund Transfers and Withdrawals and More! What's New: Credit Reduction State A state that hasn't repaid money it borrowed from the federal government to pay unemployment benefits is a "credit reduction state." The U.S.… https://www.aatrix.com/news/2022/12/2022-940-information/
Year-end is approaching at light speed and will be here before you know it. There are a few things to keep in mind to make year-end payroll reporting go smoothly and accurately. Year-end is approaching at light speed and will be here before you know it. There are a few things to keep in mind to make year-end payroll reporting go smoothly and accurately.… https://www.aatrix.com/news/2022/11/year-end-payroll-reporting-just-around-corner/
Filers whose salaries have not kept pace with inflation could see savings on their federal income tax bills. The rapidly rising cost of food, energy, and other daily staples could allow many Americans to reduce their tax bills next year. Tax rates are a… Filers whose salaries have not kept pace with inflation could see savings on their federal income tax bills. The rapidly rising cost of food, energy, and other daily staples… https://www.aatrix.com/news/2022/11/inflation-adjustments-irs-may-mean-less-taxes-many-americans/
Several states have released their state unemployment insurance (SUI) taxable wage bases for 2023. Employers should be aware that due to UI trust fund balances that are lower than anticipated and economic concerns regarding employer taxes, some states may… Annual Taxable Wage Bases Several states have released their state unemployment insurance (SUI) taxable wage bases for 2023. Employers should be aware that due to UI trust fund… https://www.aatrix.com/news/2022/11/annual-taxable-wage-bases-2023/
There are two deposit schedules (monthly or semiweekly) for determining when you deposit Social Security and Medicare taxes and withheld Federal income tax. These schedules tell you when a deposit is due after a tax liability arises (for example, when you… Released September 30, 2022 Notice 931 sets the deposit rules and schedule for Form 941 This information is also used for Forms: 943, 944, 945, and CT-1. Two Deposit… https://www.aatrix.com/news/2022/10/2023-irs-form-941-deposit-rules-and-schedule/
Receiving tax-free fringe benefits means that employees do not have to pay income tax on what they receive. However, it does not mean that employers are off the hook for payroll taxes. Myth: All Tax-Free Benefits Are Exempt From Payroll Taxes Reality: Receiving tax-free fringe benefits means that employees do not have to pay income tax on what they receive.… https://www.aatrix.com/news/2022/10/myth-about-payroll-taxes-all-tax-free-benefits-are-exempt-payroll-taxes/
Five Indiana Counties Increase Their Tax Rates, Virginia Revises Withholding Tables, California Increases Minimum Wage, Student Loan Relief Is Extended and Tax-Advantaged Repayment Support. Five Indiana Counties Increasing Tax Rates on October 1 The changes include three central Indiana counties: Boone, Johnson and Monroe. LaPorte and Knox counties are the other… https://www.aatrix.com/news/2022/10/recent-tax-and-regulation-changes-2022/
Aatrix continues to add partners with the announcement of an agreement with Computer Helper Publishing to integrate Aatrix’s Federal and State Payroll Reports™ and Payments into their Church Windows Payroll solution. Aatrix continues to add partners with the announcement of an agreement with Computer Helper Publishing to integrate Aatrix’s Federal and State Payroll Reports™ and Payments into… https://www.aatrix.com/news/2022/09/aatrix-partners-computer-helper-publishing/
Make sure that you are up-to-date on payroll tax changes that have recently gone into effect. Arkansas updated its withholding method as of October 1st, Utah reduces the threshold for nonresident withholding, Pennsylvania amended wages related to tipped e… Arkansas Updates Withholding Methods, Effective Oct. 1 Arkansas’ withholding methods were updated by the state Department of Finance and Administration on Sept. 2, following an… https://www.aatrix.com/news/2022/09/recent-payroll-tax-changes-2022/
Many cities' and states' minimum wages are tied to Inflation rates. Over the past decade, the minimum wage has grown by a few cents each year. This year's unusually high inflation is likely to drive hourly wage jumps of $1 or more in some locales. Inflation Rates And Minimum Wages Many cities' and states' minimum wages are tied to Inflation rates. Over the past decade, the minimum wage has grown by a few cents each year.… https://www.aatrix.com/news/2022/09/minimum-wages-tied-inflation-rates/
You probably know that it costs less to use an independent contractor than to have an employee on staff. The reason: the cost of payroll taxes, along with insurance and benefits, apply only to employees. But don’t think you can simply reclassify a worker … Myth: Transforming Employees Into Independent Contractors To Save On Payroll Taxes Is Easy Reality: You probably know that it costs less to use an independent contractor than to… https://www.aatrix.com/news/2022/09/myth-about-payroll-taxes-transforming-employees-independent-contractors-save-payroll-taxes-easy/
The gig economy differs from the world of traditional full-time jobs that consist of the basic 9 to 5 schedule to employees who prefer temporary and flexible jobs. Gig workers are individuals who pursue these types of jobs, often applying for a temporary … What is the gig economy? The gig economy differs from the world of traditional full-time jobs that consist of the basic 9 to 5 schedule to employees who prefer temporary and… https://www.aatrix.com/news/2022/08/payroll-and-gig-economy-2022/