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The deadline is almost here for businesses to submit certain information returns to the government and furnish them to workers. By Jan. 31, 2025, employers must file Forms W-2 that show the wages paid and taxes withheld for 2024 for each employee. They must be furnished to employees and filed with the Social Security Administration (SSA). Employers must also file Form W-3 to transmit Copy A of Form W-2 to the SSA. The Jan. 31 deadline also applies to Form 1099-NEC. This form is provided to recipients and filed with the IRS to report nonemployee compensation to independent contractors. Complete Form 1099-NEC to report any payment of $600 or more to a recipient. Reach out to Berndt CPA and Stelios payroll if you have questions about qualifying recipients. Contact us with questions. https://bit.ly/3nREfDN #TaxSeason2025 #W2Forms #1099NEC #TaxDeadlines #BusinessTaxTips #PayrollSupport #BerndtCPA #SteliosPayroll #TaxCompliance #SmallBusinessSupport #FileOnTime

The deadline is almost here for businesses to submit certain information returns to the government and furnish them to workers. By Jan.?31, 2025, employers must file Forms W-2 that show the wages paid and taxes withheld for 2024 for each employee. They must be furnished to employees and filed with the Social Security Administration (SSA). Employers must also file Form W-3 to transmit Copy A of Form W-2 to the SSA. The Jan.?31 deadline also applies to Form 1099-NEC. This form is provided to recipients and filed with the IRS to report nonemployee compensation to independent contractors. Complete Form 1099-NEC to report any payment of $600 or more to a recipient. Contact us with questions. #TaxPlanning #PayrollCompliance #TaxDeadlines #W2Forms #1099Forms

#Misclassifying_Employees Mistakenly classifying an employee as an #independent_contractor can lead to problems with #tax_withholding, benefits, and legal compliance. This results in a failure to withhold and pay #Social_Security, #Medicare, and #unemployment_taxes. Example: An employee earning $50,000 annually is misclassified as a contractor. As a contractor, the employer doesn't withhold #payroll_taxes, but the IRS could reclassify the worker as an employee, leading to back taxes owed. Employer’s share of FICA (Social Security and Medicare) is 7.65%. $50,000 x 7.65% = $3,825 in unpaid payroll taxes. The company could owe this amount in #back_taxes, plus penalties and interest for misclassifying the employee.

Attention to all organizations filing NYS-45's: Starting this March, a new requirement mandates the submission of all three parts of the NYS-45 together as a unified return. Previously, the three parts could be filed individually: - Part A: Unemployment Insurance (UI) Information - Part B: Withholding Tax (WT) Information - Part C: Quarterly Employee/Payee Wage Reporting and Withholding Information This change eliminates the option to file each part separately, streamlining the process into one comprehensive submission. It is crucial to reassess your procedures if you are currently managing parts of your organization's payroll with multiple vendors. Furthermore, the updated regulation necessitates the inclusion of both "wages" and "other wages" in a single filing, reducing the risk of discrepancies and errors. Stay compliant and ensure all relevant data is accurately provided in the consolidated return. #NYS45 #Compliance #PayrollProcessing

60 Second Industry Update! ? General Practices in VIC - Payroll Tax Exemption ? MediSecure Data Breach ? 2024 GPCE Sydney is on May 24 – 26 Read it here: https://lnkd.in/gc5HpbZW #internationalmedicalgraduate #peoplemedical #updates #doctor #img #generalpractice

- WCB (Worker's Compensation Premiums) is not directly a tax, but it is part of the payroll requirements and is paid only by the employer. - Reduction of pay for any garnishments via court order, union dues or as authorized in writing by the employee - Payroll must be paid out to the employees at least once a month, and there must be a statement of earnings with each pay period - Privacy legislation is to be followed Still confused? OEO has opened a new Austin office. We can do accounting, bookkeeping & taxes for Canadians & Americans! Visit oeosolutions.com to find out more. #didyouknow #accounting #facts

Employers banned from withholding tips from today. Can't recall the last time I received a tip. The occasional bottle of wine perhaps. No one has ever bought me a suit. Oh well. From today the two million or so workers who do receive tips will be able to keep hold of the estimated ￡200m a year given by customers in gratuities and 'optional' service charges. Employers like bars and restaurants can no longer rely on tips to supplement wages. Cash tips were already protected, but the new legislation covers card payments as well - far and away the most common method of payment these days. Employers must pass all tips to workers, without deductions, and a statutory code will set out how to do that in a fair and transparent way. Employers should have a written policy on tips, pay them within a month, record how they manage the tip fund, and set out how workers can request information about tipping records. Employers cannot alter someone's salary or hourly rate to include estimated tip values, and tips do not count towards the minimum wage.? All good then? Or will prices increase? Step forward the Troncmaster...

April 2026 is looking likely to be busy for employers. Not only is it proposed that the payrolling of benefits will be mandatory for the 26/27 tax year so April 2026 will mean that employers must be ready for and operating PBiK from that date but they will also be doing their last year of P11Ds as we currently know them. But in addition, it has been announced that the planned requirement for employers to provide detailed employees hours data via the payroll has been deferred from April 2025 to April 2026 (at the earliest). This data provision should be taken seriously as is likely to spell increased NMW/NLW scrutiny going forwards. The additional time to allow employers and software providers to prepare for the change is welcome. However the burden in April 2026 is not to be underestimated. BDO Employment Tax Team are here to help so if you need any assistance please contact either me, John Chaplin, Steve Talbot, Lee Cocarro or your usual BDO contact with any questions. #payrollingbenefits #paye #nic #nmw #nationalminimumwage #nationallivingwage #payroll #p11d

?? Important Update for Employers! ?? A new law is now in effect, ensuring that all tips—whether in cash or by card—go directly to workers! ?? This change will benefit over 3 million service workers in England, Scotland, and Wales, including those in restaurants, cafes, bars, pubs, hair salons, and even taxi drivers. ?? No more withholding tips—companies that break this law could face claims in employment tribunals. ? Businesses must pass on all tips to employees by the end of the following month. Workers will still need to pay tax on tips, but this new law guarantees they receive every penny! Need help understanding how this impacts your business? Or need help ensuring you meet all the new criteria for this legislation? Glow Accounts is here to guide you! ?? Get in touch: ? ??01892 267 750? ?? [email protected]? #GlowAccounts #TipLaw #EmployeeRights #BusinessSupport #Payroll #HospitalityIndustry #Payroll101 #MoneyMatters #EmployerResources #FinancialEmpowerment #AccountingAdvice #BrighterFuture #GrowwithGlow #FinancialGoals #XeroAccountant #SussexAccountant #TunbridgeWellsAccountant #CrowboroughAccountant #KentAccountant #SmallBusinessSupport #cloudaccounting #businessadvisory #businesstaxes #payrollservices #bookkeeping

The delayed HMRC proposal to mandate reporting on employee hours and dividends for PAYE RTI has shown how disconnected policymakers can be from the realities of running a business. With an estimated implementation cost of up to ￡58m and ongoing compliance costs of ￡10m a year, the burden on small business owners would have been enormous, all for minimal benefit. The complexity and administrative headaches far outweigh any potential gain, making it clear that this was an information grab rather than a meaningful reform. Let’s hope common sense prevails, and the government focuses on supporting, not hindering, small businesses. #SmallBusiness #TaxReform #HMRC https://lnkd.in/gbX-gps3