payroll Archives - Wiss & Company, LLP

Remote Employment 101: Multistate Payroll Simplified

Written on April 5, 2022. Posted in Human Resources, Tax.

Navigating the minefield of payroll compliance for remote workers can make anyone pull their hair out. There has been a big spotlight over the past year on the accuracy of paying remote employees, with states looking to ensure that resident workers are being taxed appropriately. It’s not as simple as hiring a new employee who happens to be working offsite. Hiring a remote worker in a new state might trigger new obligations, and non-compliance can be costly for employers. Payroll...

More NIL, More Taxes

Written on August 2, 2021. Posted in General Business, Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager Up until recently, you probably thought of “little” or (literally) “zero” when the word nil was used in a sentence. Over the past couple of months, however, the definition of this word has evolved into something much more meaningful. The term “NIL” is an acronym that stands for “name, image, and likeness” and is now the center of attention for college sports. So why all the hype? On July 1st, various state laws coupled with...

Payroll/HR End of Year – What You Need To Know

Written on December 23, 2020. Posted in General Business, Human Resources.

It has been quite a year, and most of us are glad to see 2020 come to an end. Businesses have had to pivot pretty quickly in a number of areas due to the pandemic this year. Before we ring in the new year, it is important to note the following changes, many of which result from the stimulus relief bill passed by Congress. While this bill is not yet law, employers should be aware of the provisions that may be applicable to them if and when these measures are signed into law. Paid...

IRS Issues Guidance Addressing President Trump’s Order on Payroll Tax Deferral

Written on August 31, 2020. Posted in Tax, Tax Alerts.

By Michael Bodrato Presidential Memorandum On August 8th, President Trump signed a Presidential Memorandum to direct the Treasury Secretary to use his authority to defer the withholding, deposit and payment of certain payroll taxes from employees suffering under the economic hardships brought about by the Coronavirus Pandemic. The President’s order is made applicable to wages and compensation paid during the period of September 1, 2020, through December 31, 2020, and is subject...

Today’s Software Solutions Vastly Improve HR Staff Productivity

Written on April 29, 2019. Posted in Advisory Services, Human Resources.

Updated 7/30/2019. I recently visited a client company with over 750 employees. The HR staff kept track of vacations on a spreadsheet. Anyone considering taking time off would first call up some poor overworked HR rep and see how many days they had remaining. That rep would have to then manually update the remaining totals. I have to imagine that was pretty much how that staffer spent his or her summer months at work. This same company had a total of about ten spreadsheets keeping...

HR & Payroll Year End Readiness

Written on November 27, 2018. Posted in Advisory Services.

By Carolyn Hall, Floriana Allen, and Laura Melville The end of the year can be busy for many companies. While December brings holiday parties and end-of-year celebrations, business owners should be mindful to make sure their HR and payroll departments are on top of timely actions in order to ensure a smooth transition into the New Year. This checklist will help you get a jumpstart on your year-end planning. Human Resources Review your employees’ data to make sure you have accurate...

FASB Issues Update for Nonprofit Organizations

Written on October 10, 2017. Posted in Not For Profit.

by Diana Miller, Partner, Not-for-Profit Group In an effort to improve financial reporting for nonprofits, the Financial Accounting Standards Board (FASB) is implementing various changes. Among these changes are how expenses are being reported. Current Guidance When it comes to financial reporting, many nonprofit organizations are only required to provide expenses by their nature (i.e. salaries, travel, rent, etc.). However, voluntary health and welfare organizations are also required...

Changing Overtime Rules? New Recommendation Could Change Who Qualifies

Written on May 30, 2017. Posted in Advisory Services, Outsourced Accounting & Tax.

By Laura Melville Under current regulations, employees are exempt from overtime pay if they meet three criteria: the employee must be salaried, perform executive, administrative or professional duties, and earn more than $455 per week, or $23,660 per year. The current salary threshold was enacted in 2004. But that salary threshold could be increasing, as the U.S. Department of Labor last year recommended raising the salary criteria to $913 per week, or $47,476 per year. (The rule...

Fraud Prevention – A Necessary Evil

Written on October 11, 2016. Posted in General Business.

By Timothy Kennedy, CPA Do you trust your bookkeeper? This is a question you have to ask yourself periodically. Not only do you want to feel confident that they wouldn’t steal from you, but you also want comfort in knowing that they can properly journalize and manage the accounting information that comes through the door each day. Poor accounting record maintenance and overall sloppy accounting by a lackluster bookkeeper can take you to the point of no return—and force your hand...

Tag: payroll