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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.
2020 Report: The Future of HR
The landscape of HR is shifting from everyday HR functions to strategic HR initiatives like recruiting, people & labor cost management and more. To gauge the present and future of HR, Paycor interviewed more than 500 leaders of medium and small businesses.In this trends report you’ll learn: Where the best HR & business leaders plan to invest the most money Why CFOs are losing faith in HR’s ability to work with data (and what you can do) Which 2020 compliance regulations are keeping leaders up at night and what you should do to mitigate risk Why 48% of business leaders believe many core HR functions will be automated by 2022 And more!
New DOL Overtime Rule: FAQs
On September 24, 2019, the Department of Labor issued its final ruling to increase the minimum salary threshold for executive, administrative and professional exemptions from $455 per week ($23,660 annually) to $684 per week ($35,568 annually). The new rule goes into effect January 1, 2020.To help HR leaders prepare for the new year and mitigate risk, our compliance team answered the most frequently asked questions around the new DOL overtime rule. Q: What determines if an employee falls within one of the exemptions? A: To have exempt employee status, there are three exempt employee requirements that must be met: The worker must be paid on a salary basis, make the minimum salary for exempt employees, and have job duties that are...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...
Leap Year Payroll: How to Handle 27 Pay Periods
If you pay employees bi-weekly, you normally have 26 pay periods a year. But 2020 brings you an extra one—thanks, leap year. True, an extra pay period isn’t exclusive to leap years, sometimes it just depends on which day of the week you pay your employees. But regardless of when it occurs, it can cause headaches for HR and payroll administrators who aren’t prepared.There are a few ways to approach a 27-pay-period year, but the most important thing is to communicate your plan to your workforce. Make sure they understand what to expect so there aren’t any surprises surrounding their paychecks. How to Pay Employees During a Year with 27 Pay Periods Option 1: Everyone gets an extra paycheck. Woo-hoo! The extra paycheck would be for the same...
Case Study: Rochester University
Michigan based Rochester University relied on their own payroll processing for nearly 60 years. But when their payroll administrator decided to retire, they turned to Paycor to help them save time and resources. “In the three years we’ve been a Paycor customer, I’ve never had a problem reaching my dedicated support team. If I have an emergency, I know I can trust Paycor.” – Ginny May, Director of HR With Paycor, Rochester University has significantly transformed how they manage HR and process payroll with Paycor Time, Paycor’s Mobile App and ACA filing. By eliminating manual work, their staff has more time to focus on strategic initiatives like finding the right faculty members, motivating employees and creating better experiences for...
DOL Final Overtime Rules: Quickstart Guide for Employers
On September 24, 2019, the Department of Labor issued its final overtime rule to increase the minimum salary threshold for executive, administrative and professional exemptions from $455 per week ($23,660 annually) to $684 per week ($35,568 annually). The new rule goes into effect January 1, 2020.As your organization considers how to prepare and comply, we’ve created this guide which outlines the new ruling, provides tips to manage impacted employees and offers a checklist of key details to follow to mitigate risk. Click below to instantly download the guide.
What are W-3 Forms? FAQs and Helpful Tips for 2020
As a trusted HR & payroll provider, Paycor gets hundreds of questions about Form W-3 each year. To help HR professionals mitigate risk, our compliance experts answered the most frequently asked questions around Form W-3. What is a W-3 form? Technical answer: Form W-3 is used to total up all parts of Form W-2. Both forms are filed together and sent to Social Security Administration (SSA) every year. Form W-3 is also known as “Transmittal of Wage and Tax Statements.”What employers really need to know: As an employer your responsibility is to review all W-2s for your workforce, summarize employee wages and tax information and then combine that data into one W-3 form. What’s the difference between Form W-2 and Form W-3? The difference...
Employer Breastfeeding Laws by State
Breastfeeding, ACA and FLSA When President Obama made the Affordable Care Act (ACA) the law of the land in 2010, new amendments to the Fair Labor Standards Act (FLSA) addressing breastfeeding in the workplace went into effect. The new guidelines require all employers in every state to provide reasonable break time for an employee to express breast milk for their nursing child for one year after the child’s birth. States are Making Changes While the federal government laid the foundation, 32 states have built upon the basic law. Some states have clarified whether these breaks are paid or unpaid and some have extended how long breastfeeding mothers are protected by the law.Where does your state stand? Use the chart below to find out....
Case Study: Smuttynose Brewing Company
Compliance concerns and a desire to streamline their overall HR process led Smuttynose Brewing Company in Hampton, N.H., to find HR & payroll software that suited their needs. With employees scattered throughout the Northeast, Smuttynose needed an efficient way to collect hours worked and to ensure payroll tax compliance. “Paycor is a one stop shop with great customer service and that service does not stop after implementation. I consider Paycor to be a true partner. I am extremely satisfied that I made the switch to Paycor and believe that satisfaction will only grow stronger as our partnership has a chance to mature.” —Mia Jennings, Director of HR, Smuttynose Brewing Paycor’s HR, recruiting and onboarding solutions streamlined a...
The Benefits of Outsourcing HRM
As your business grows, it’s probably not going to be feasible to have just one or two people running payroll and HR management (HRM) for the entire company. The need for offloading these functions eventually becomes a business necessity. For many companies, the various functions and compliance challenges related to the HR department become far too complex to maintain in-house and fall under this umbrella. HR teams manage multiple functions So, it’s not always obvious which ones can be effectively outsourced. A good first step is to define the role you want HR to play in your company as well as how you want your systems to operate (Software as a Service [SaaS] is one option). We’ve compiled a list of six areas where an outsourced HCM...
I-9 Compliance: How to Verify Remote Employees
What is Form I-9? The I-9 is a government form filled out by an employee to confirm their identity and verify they are legally able to work in the United States. It’s also known as an Employee Eligibility Form.The form dates back to 1986 during the Reagan administration, which passed the Immigration Reform and Control Act (IRCA). It was created by the United States Citizenship and Immigration Services (USCIS), a division of the Department of Homeland Security (DHS). Part of the act makes employers legally responsible for verifying whether their employees can legally work in the United States. Why is an I-9 required? In addition to being used to verify employment eligibility, Form I-9 as well as the IRCA are used to attempt to reduce...
Are Employees Entitled to Paid Time Off to Vote? (22 States Say Yes)
“Voting is a civic duty” The United States was built on the principle of self-governance or autonomy, and the primary method most people use to exercise that right is by casting a vote for the people or the laws that most closely represent their personal values.While this right is a very important one, today there’s no federal law that requires employers to provide time off from work for voters. Further, Election Day isn’t considered a holiday the way it is in many other countries. On a positive note, though, many states require businesses to provide paid or unpaid time off so their employees can vote. Which states require employers to offer time off to vote? Providing paid time off (PTO) to vote is required in 22 states; unpaid time off...
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.