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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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The Certified Payroll Professional Corner: Overtime

ThomsonReuters

In our last edition of the Certified Payroll Professional (CPP) Corner, we talked about taxable and nontaxble fringe benefits. Payroll conference guidance on fringe benefits. Payroll Guide ¶3540 discusses fringe benefits. Payroll Guide ¶3585 discusses qualified transportation fringe benefits. Supreme overtime ruling.

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The Certified Payroll Professional Corner: Penalties

ThomsonReuters

In our last edition of the Certified Payroll Professional (CPP) Corner, we talked about overtime. We asked: “What is the current weekly salary basis for the FLSA exemption from overtime pay? Also, the DOL’s Fact Sheet #17 discusses the exemption from FLSA overtime and includes the $684 weekly salary threshold.

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The Certified Payroll Professional Corner: Employment Taxes

ThomsonReuters

Summer is starting, so if you are planning to take the Certified Payroll Professional (CPP) exam during the Summer/Fall 2022 testing period, it would be a good idea to start working on those flashcards and find information for the seven main topics of the CPP test. So, what are employment taxes? Previous quiz question. The IRS and U.S.

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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. Unless specifically noted, payments that are excludable from the regular rate may not be credited towards overtime compensation due under the FLSA. Regular rate of pay for overtime.

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Top 20 Searches of 2021 on Payroll on Checkpoint

ThomsonReuters

The top payroll related searches for 2021. Payroll practitioners and employers alike continue to be challenged by the unique issues that COVID-19 has imposed on payroll administration. Payroll on Checkpoint has analyzed the searches of our subscribers to create this Top 20 list of topics in the forefront in 2021.

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Your Guide to Year-End 2023: Personal Use of a Company Car

ThomsonReuters

The ALV is determined according to a table as provided in IRS regulations (see Payroll Guide ¶3580 ). The ALV is determined according to a table as provided in IRS regulations (see Payroll Guide ¶3580 ). Step 1: Determine the ALV of the vehicle with an FMV of $32,500 (see Payroll Guide ¶3580 for the ALV table).