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Payroll errors and how to avoid them

ThomsonReuters

For business owners, payroll is complex and often their greatest expense. For accounting professionals, payroll services have long been viewed as a time-consuming, high-risk loss leader. Payroll errors are certainly a real concern, but with the right tools and resources in place, payroll services can be a growth opportunity for firms.

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Navigating Tax Compliance Challenges in the Trucking Industry: How Our Tax Firm Can Guide You

MyIRSRelief

However, with the increasing complexity of tax regulations, many of these companies find themselves struggling to maintain tax compliance. Contact us for professional tax help today! However, managing payroll taxes for these two distinct driver categories can be a daunting task for trucking companies.

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The Certified Payroll Professional Corner: Gross Ups

ThomsonReuters

In our last edition of the Certified Payroll Professional ( CPP ) Corner , we talked about the regular rate calculation for overtime purposes. We asked what item must be included in the regular rate of pay for the purposes of figuring the regular rate of pay for overtime purposes? Regular rate of pay for overtime. Previous question.

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Payroll trends to watch in 2022 (Part 1)

ThomsonReuters

Part 1 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including worker classification, COVID-19 vaccine mandates, and wage and hour. Read part 2 for more 2022 payroll trends. It can result in costly penalties and the payment of back wages and taxes.

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The Certified Payroll Professional Corner: Involuntary Deductions

ThomsonReuters

In a previous edition of the Certified Payroll Professional (CPP) Corner, we talked about gross ups. In Payroll Guide ¶4115 , we discuss the IRS’s formula for completing a gross up. 100% – 29.65% (7.65% + 22%, the federal tax withholding rate for bonuses) = 70.35%. Gross ups. 500 ÷ 70.35% = $710.73.

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Legal analysis: Implications of state tax exclusion of overtime wages for employers and employees

ThomsonReuters

Overview of the Alabama exclusion of overtime wages On June 8, 2023, Alabama Governor Kay Ivey signed House Bill 217 into law, excluding wages earned for hours worked in excess of 40 in a workweek from gross income, beginning January 1, 2024, through June 30, 2025. All across the nation, employers are struggling to fill open jobs.

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Tax attorney: Navigating the nuances of taxation in hybrid work arrangements

ThomsonReuters

With 75% of employers in the Americas forecasting that the average employee will be a hybrid worker within two years, employers should carefully consider the tax implications of such arrangements where the employee may be working in one state in-office and remotely in another state at home. This may pose significant issues.