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Processing payroll has a lot of variables. Organizations need to understand federal, state, and local income tax requirements; how to process wage garnishments; how to set up payments for any benefits that come out of payroll, etc. There are also regulatory and compliance issues like the distribution of W-2s.
The Family and Medical Insurance Leave (FAMILY) Act was reintroduced in Congress in 2021 and is known as S. 463 and H.R. 1185. The Act has been introduced repeatedly during legislative sessions for the past 7 years but has yet to progress.
The drawbacks of legacy payroll and HR systems have grown more evident in recent months as businesses and their employees adapt to the challenges associated with COVID-19. With the workforce turning over quickly due to shifting work restrictions and budgets, current infrastructure falls short in affording companies much-needed flexibility.
Earlier this summer, President Donald Trump issued an Executive Order directing Secretary of the Treasury Steven Mnuchin to defer the withholding, deposit, and payment of certain payroll taxes beginning September 1 through the end of 2020. The order left several important questions open and directed the Treasury to issue guidance to implement the order.
President Donald Trump’s plan to defer payroll taxes for many employees through the end of the year is sparking questions and criticism from employers—questions about how to implement the plan and criticism that the “tax holiday” may hurt more than it helps.
In an extraordinary legislative session interrupted by the COVID-19 pandemic—which led to a Colorado Supreme Court ruling that lawmakers could reconvene after initially adjourning in late March 2020, despite a constitutional provision limiting regular sessions to “one hundred and twenty calendar days”—the Colorado General Assembly passed a number of important bills affecting employers.
According to one expert, first impressions of your organization begin before a new hire comes on board, which means it’s time to rethink your onboarding process.
The revamped Paycheck Protection Program (PPP) is expected to benefit many employers, but it also adds complexity and requires considerable analysis to avoid pitfalls, according to attorneys who focus on employment matters.
You may be asking yourself: ‘How can I, as a business owner or HR professional during this crisis, reduce my insurance expenses right now?’ Managing cash flow is at the top of people’s minds right now, and yes, there is an opportunity to lower your insurance expenses immediately.
As the coronavirus crisis worsens, multitudes of industries are experiencing supply shortages, closures by state and federal governments, labor shortages, and many other challenges.