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Compliance
42% of medium and small businesses have negative feelings about their compliance management practices. Learn how to get the upper hand on this complex topic.
Hiring Independent Contractors: Are They Right for Your Business?
In today’s booming gig economy, it’s becoming more common for businesses to hire freelancers or contract workers instead of employees to supplement their existing workforce. Independent contractors can be brought on to fill just about any role within a company, from janitorial services to members of the C-suite. Here’s the unique distinction: Independent contractors are self-employed and not considered a full-time employee of your company. The pros and cons of hiring independent contractors While this makes hiring freelancers attractive – knowing that the business is not responsible for additional overhead and equipment, payroll taxes, or benefits – you’ll also find some challenges and potential pitfalls that should be faced when you...
SaaS Payroll: 6 Tips to Find the Perfect Solution
Software as a Service (SaaS) is the term used for software that’s delivered and used totally online or in the cloud.As more businesses turn to online solutions to manage their workflows, do accounting, etc., it should be no surprise to see that payroll processing is no exception. From tax-filing and employee self-service to data security and compliance management, SaaS payroll automates routine tasks and ensures accuracy, so business leaders can focus on what really matters, improving the bottom line.If you’re in the market for an online payroll system, you’ll need a sharp eye to find the perfect match for your organization. Keep in mind, not all payroll software is created equal. Whether you want to go with a bare-bones solution or you’...
How to Calculate Imputed Income for Domestic Partner Benefits
When is a domestic partner treated like a spouse? If one of your employees gets married, their spouse is entitled to some tax-free benefits offered by your company; health insurance is the primary one. If, however, that same employee is in a domestic partnership, no such luck… with one exception. If the domestic partner can also be claimed as a tax dependent on the employee’s income taxes, they’re treated like a spouse. To qualify as a dependent, the domestic partner must live with the employee full-time, have gross income of $4,150 or less, and receive more than half of their total financial support from the employee.What is imputed income? If you determine that domestic partners don’t qualify as a dependent and they receive health...
Payroll Risks and Controls: Everything You Need to Know
Believe it or not, running payroll is a risky business The IRS estimates that 40% of small to medium-size businesses end up paying a payroll penalty each year. Whether you’re a large organization or a small one, there’s always a risk of payroll errors leading to fines, penalties and sometimes litigation. Protect yourself from fraud and human error Businesses that run payroll on their own, especially small businesses, are at a much higher risk of being disrupted by fraudulent activity and human error. From ghost employees to hour padding to buddy punching, when a company lacks the appropriate internal controls to manage its payroll, it can run into big trouble. Here are 6 common payroll risks and controls you can implement to mitigate...
401(k) Match Limits 2019: What Payroll Administrators Need to Know
It’s a relatively small change, but it’s a change for payroll administrators to take notice of. As of November 2018, your employees’ contribution limits for their 401(k) increased to $19,000 from $18,500. The increase raises the total annual contribution amount (employee plus employer contribution) to $56,000 or 100% of the employee’s salary if they make less than that. Most companies typically offer 3-6% in matching funds, but there is no limit to the amount an employer can contribute as long as the annual cap isn’t reached. 2018 & 2019 401(k) Match Limits Defined Contribution Plan Limits 2019 2018 Difference Maximum employee contribution $19,000 $18,500 +$500 Catch-up contribution for employees aged 50 or older $6,000 $6,000 No...
Webinar: October Web Summit - Compliance from Hire to Retire
From managing recruiting compliance data to accurately tracking employee hours, you need a partner who can offer the right technology plus expertise to help mitigate risk. Register for this webinar to see how Paycor can help prepare you for all of the compliance challenges in managing the employee lifecycle!We will be reviewing these 4 major areas of compliance: Recruiting Hiring Payroll People Management Speaker: Brett BeilfussBrett has been the Senior Bank Marketing Program Manager for Paycor for the past three years. He works exclusively with Paycor’s Bank and CPA referral partners, whose aim is to help their clients mitigate risk.
Webinar: October Web Summit - How to Design your PTO and Paid Leave Policies
As companies seek to offer employees more flexible work arrangements, designing paid time off and paid leave policies has never been more challenging. In this session, we will unpack the imposing array of federal, state and local laws that must be considered when designing lawful and effective PTO and paid leave policies.Speaker: Katharine WeberKatharine is a Principal in the Cincinnati, Ohio, office of Jackson Lewis P.C. She has successfully assisted countless clients in handling their labor and employment issues in both Ohio and Kentucky. Her expertise also includes litigating wrongful discharge cases, managing discrimination cases, negotiating collective bargaining and severance agreements, advising management on employment relations...
Webinar: October Web Summit - W-4 Changes in 2020: What You Need to Know
With the enactment of the federal Tax Cuts and Jobs Act in December 2017, several features of the federal income tax code were changed or eliminated. To match the federal withholding system more accurately, the IRS issued major revisions to the Employee Withholding Allowance Certificate (2020 Form W-4).This session will examine how the 2020 Form W-4 is different and what you must do for new employees hired on or after January 1, 2020. We’ll review procedures for existing employees who have an old Form W-4 and analyze some of the tax withholding changes that will result. We’ll demonstrate a few common withholding scenarios, share best practices for complying with the new mandate and review employer FAQs surrounding the use of the new Form...
Webinar: EEO-1 Component 2 Data Due Sept 30
The clock is ticking!Employers must submit Component 2 data to the EEOC by September 30, 2019. Join us for a refresher on what’s required, who’s impacted and late breaking news that could impact future filings.
Why (and How) to Switch to a New HR & Payroll Platform
The right HR technology can enable you to better manage, develop and engage people and make better strategic decisions. However, the opposite is also true. Sticking with the wrong HR & Payroll provider can tank an otherwise healthy business.The consequences of NOT switching, and staying with a subpar HR & Payroll provider, touch every aspect of your organization. Obviously, HR and the payroll process are affected, but the inefficiencies can also impact recruiting, training and development, time & attendance and how you go about analyzing the data overall.So why don’t more organizations make the switch to a platform that better meets their needs?For starters, it can be a challenge to figure out how they differentiate. Not all...
How to Create a Bereavement Leave Policy
Bereavement Leave Goes a Long Way with Employees When an employee’s family member or friend dies, it’s common for them to want to pay their respects. And if the deceased person was an immediate family member, such as a parent or spouse, they will have extra things to take care of. That’s why it’s important to have a bereavement leave policy in place. This type of leave is given to employees so they can: Make funeral arrangements Pay their respects to the deceased person’s family at a wake or visitation Attend the funeral and burial Handle the deceased person’s belongings and will Any other matters that they need to deal with after a death Are Employers Required to Offer Bereavement Leave? The U.S. Fair Labor Standards Act (FLSA) provides...
Payroll Errors: 12 Common Mistakes You Might Be Making
Payroll Matters The payroll process is a necessary component of any business and The Department of Labor (DOL) keeps a close eye on businesses to help ensure they pay their employees correctly, and the Internal Revenue Service (IRS) and state taxing authorities are always going to make sure they receive the appropriate tax payments. 12 Common Errors to Avoid Everyone makes mistakes, and we’re hopeful they’re caught before anything bad happens. But it’s imperative to make sure that you’re not making any of these relatively common payroll mistakes if you manually calculate payroll in-house. Misclassifying employees and contractors In the gig economy, temps, freelancers, consultants and other independent contractors are commonly found in...
Buyer's Guide To HCM And Payroll Technology
An HCM platform is the foundation of your business, and choosing the technology is one of the most important decisions you'll make.
Get ExpertiseWhat Compliance Means for Your Organization
Do you spend too much or too little time on compliance? The IRS estimates U.S. businesses spend a collective 2.8 billion hours a year on tax compliance alone. Add in the Department of Labor’s requirements for overtime and minimum wage as well as the Affordable Care Act’s tracking and reporting regulations and you’ve only just scratched the surface of compliance.
Naturally, being compliant is going to mean something different depending on the industry in which you work. Are you a medical facility who can’t allow licensing to lapse or perhaps a manufacturer with concerns about Occupational Safety and Health Administration (OSHA) law? What sort of training do you have in place to prevent employment discrimination and a subsequent EEOC lawsuit?
The right HR partner can offer your organization expert advice on how to mitigate compliance risk. Learn what potential violations should be on your radar and how to avoid them as well as how to maintain compliance through the employee lifecycle.