As we close out the first quarter of 2023, the future of Payroll and HR has become the now of Payroll and HR. Many of the changes which started during the pandemic have been accelerated and have become permanent aspects of our working lives. Remote workers have expanded payroll compliance to multiple states for many companies for the first time. Finding efficiencies in an inflationary economy is paramount. And finally, security issues continue to be a primary concern.
Following another successful year-end filing season during which the Aatrix eFile Center processed millions of W-2s, 1099s, and 1095 (ACA) forms, Aatrix conducted its annual eFile customer survey. Customers were sent a short survey to help Aatrix evaluate their performance and our customers' satisfaction. This was the 15th annual survey, and once again, the results demonstrated that our customers are very satisfied with the performance of our eFiling solution.
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 breaks and are protected by the rules of the FLSA.
There are a few minor changes to Q1 Form 941 for 2023 and other news in payroll for 2023.
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 taken leave. Find out what changes are happening with State FMLA.
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 the standard deduction, and made the child credit available to more people. Because employers and employees were not required to fill out new W-4s and the perceived complexity of the new process, most employees did not complete a new W-4. This…
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 incorrect names, amounts, or Social Security numbers. A W-2c can be used to correct forms that were given to employees and were filed with the Social Security Administration.
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, employers should consider five important things when setting up for 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 received by Aatrix to guarantee on-time filing to each State or Federal agency involved.
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.