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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.
401(k) Match Limits: 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 2019, your employees’ contribution limits for their 401(k) increased to $19,500 from $19,000. The increase raises the total annual contribution amount (employee plus employer contribution) to $57,000 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. 2020 & 2019 401(k) Match Limits Defined Contribution Plan Limits 2020 2019 Difference Maximum employee contribution $19,500 $19,000 +$500 Catch-up contribution for employees aged 50 or older $6,500 $6,000 +$500...
Case Study: Pawtucket Red Sox
The Pawtucket Red Sox Save 80+ Hours a Year with Paycor Solutions “Paycor’s solutions are truly influenced by the professionals who use them. I personally made a suggestion for a product enhancement and it was implemented within months. That tells me Paycor is focused on providing a useful tool and quality experience for users and not just making another sale.” - Matt Levin, Senior Vice President/Chief Financial & Technology Officer Why the Pawtucket Red Sox Baseball Club Chose Paycor The Pawtucket Red Sox (Pawsox) are more than a professional minor league baseball club. They’re an organization that’s dedicated to positively impacting their local community. But since their HR & payroll technology was more of a burden than a...
4 Common Payroll Mistakes and How to Fix Them
Overtime Pay, Pay Equity, Workers’ Comp, Payroll Taxes Topics Covered Missclassifying Employees Pay Equity Workers' Comp Payroll Taxes Dump Your Payroll Provider Payroll Compliance: More Complex Than You Think From FLSA, EPA, Workers Comp and more, there are lots of federal laws to keep track of, and state and local taxes only add complexity. That’s why HR and business leaders need to have processes in place to consistently apply pay policies, accurately calculate overtime and streamline leave policies. If you don’t and your company is audited or sued, you won’t have the proper controls in place to quickly provide accurate records and audit trails. Here are four common Payroll mistakes you might be making: Misclassifying Freelancers and...HR
Federal Tax Deposit 101: Everything Employers Must Know
What is a Federal Tax Deposit? Most would agree that taxes is not an exciting topic. But a full understanding of the rules around taxes is absolutely essential for employers. It’s a major responsibility to manage employees and follow the requirements of withholding taxes from employee wages.The IRS has specific and strict guidelines around withheld taxes. Any withheld taxes must be deposited to the IRS in the appropriate manner. This process is called the federal tax deposit.In this guide, we’ll outline the important aspects of payroll processing and the federal tax deposit.Before we dig into the federal tax deposit, these are the important areas within employee taxes and payroll. Paycheck calculation and preparation Withholding taxes...
How to Make Tax-Free Disaster Payments To Employees
The pandemic is putting a big strain on everyone, maybe most of all your team, and you want to do everything you can to help.In a national emergency, employers have the freedom to offer unlimited tax-free financial assistance to employees who need it, with minimal administrative burdens. These disaster payments will be exempt from both federal income and employment taxes. What Disaster Payments Cover Disaster payment to affected employees can cover a broad range of “personal, family, living or funeral expenses (not covered by insurance)”. These may include: Unreimbursed Medical Expenses This can range from vitamins and over-the-counter medications to co-pays. Cleaning Products Disinfectant and hand-sanitizer for employee’s homes can help...
Paycheck Protection Program (PPP): What You Need to Know About Payroll Protection
You need payroll protection. The federal government wants to help. Here’s what you need to know. The Paycheck Protection Program (PPP) As part of the $2 trillion aid package unveiled in the Coronavirus Aid Relief & Economic Security (CARES) Act, $349 billion was dedicated to the Payment Protection Program (PPP). This offers federal guaranteed loans to businesses with fewer than 500 employees to cover payroll and other essential costs.The federal government is focused on releasing funds quickly and with as little red tape as possible, giving small businesses a big boost right when they need it. And here’s the best part—if you use the funds to retain (or rehire) your employees, the loans don’t need to be repaid.View Payroll Protection...
Paycor's COVID-19 Command Center
We're excited to announce the release of Paycor's COVID-19 Command Center, a new analytics solution that delivers instant insights for crisis management. With the COVID-19 Command Center, you'll be able to: Prepare with real time insights Plan with actionable data Respond with the help of HR experts Recover quickly by playing the long game now Discover how your organization can make the best possible decisions with real time data, actionable insights and expert HR counsel.
Families First Coronavirus Response Act: Tips to Manage Employee Leave Scenarios
Coronavirus Response Act On March 18 the Families First Coronavirus Response Act was enacted to help individuals, families and businesses. The legislation requires employers with under 500 employees to give sick leave and paid family medical leave to eligible employees.Eligible businesses are now able to take advantage of new tax credits to offset the costs associated with paid emergency leave and sick leave benefits implemented under the bill, including credit for health plan expenses affiliated with the new leaves. Below is a list of scenarios your employees may experience during this time. Scenario 1 A full time employee is sick and believes they might have COVID-19. The employee is visiting a doctor to seek a medical diagnosis and...
Late Breaking News: Government Approves Remote I-9 Review Due to COVID-19
Form I-9 Review: Key Details On Friday March 20, 2020, the Department of Homeland Security (DHS) announced it would relax its standards for I-9 document verification amid the coronavirus outbreak.Employers with employees taking physical proximity precautions due to COVID-19 will not be required to review the employee’s identity and employment authorization documents in the employee’s physical presence. This provision only applies to employers and workplaces that are operating remotely. If there are employees physically present at a work location, no exceptions are being made at this time to review and verify documents in person. Remote Inspections Employers taking physical proximity precautions must inspect the physical documents...
Webinar: Coronavirus Response Act: What Business Leaders Need to Know
In recent weeks the Coronavirus has grown from a crisis to a pandemic affecting small and medium businesses around the Nation. In response, the House of Representatives passed sweeping legislation to help businesses in the coming weeks and months. This legislation includes: • Families First Coronovirus Leave Act • Free COVID-19 Testing • Emergency FMLA Expansions • Tax credits for Businesses During this pandemic, it’s important that business leaders keep up with the latest information. Speaker: Katharine Weber Katharine C. Weber 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. Additionally, Ms....
Executive Summary: 2020 March HR & Compliance Web Summit
“This was the first webinar to ever make me cry (in a good way).”“Great session! Good information, relevant and easy to understand and follow.”“Best HR webinar I’ve ever heard.”This is just a sample of feedback from attendees at Paycor’s 2020 HR & Compliance Web Summit!During our 2-day event, industry experts like Josh Bersin offered actionable insights and advice on all things HR, from must-haves for small businesses to succeed to salary history bans and medical marijuana in the workplace.Did you miss any of the live sessions? Don’t worry, we’ve got you covered. You can watch them on our On-Demand Webinar page.In the meantime, check out our executive summary for a short overview. How to Help New Parents Re-enter the Workplace and...
Compliance Update: HDHP, OSHA, Paid Leave, I-9
As of March 19, the CDC reports more than 10,000 Coronavirus Disease 19 (COVID-19) cases in all 50 states. While that number may not seem like a lot, the virus will spread exponentially, which is why social distancing is so important and by all accounts our best defense at the moment.At Paycor, we’re diligently keeping an eye on new or updated legislation that may be put into effect. We’ve gathered a few significant federal laws and regulations that directly relate to COVID-19 below. HDHP Coverage for Testing and Treatment Changes: IRS Notice 2020-15 eliminates the potential administrative and financial barriers to testing and treatment of COVID-19. The notice states that all medical care services and item purchases associated with the...
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.