Year-end payroll corrections are crucial for maintaining compliance with tax regulations and ensuring employees receive accurate tax documents. Errors such as incorrect Social Security numbers (SSNs), wrong names, issues with Third Party Sick Pay (3PSP), unreported cash bonuses, and changes in employee addresses can significantly impact tax filings.…
read more
It's important to remember that the IRS requires taxes to be paid on income earned from any source, including income from a second job or part-time work. If you have done any side work in the past year or are currently doing so, it's essential to understand how this may affect your income taxes.…
read more
End-of-year tax reporting can be stressful for businesses and employers, but there are tools that can help streamline reporting processes. Using systematic approaches for accurate and timely W-2 and 1099 reporting can help keep your business in compliance while also ensuring that your employees and independent contractors can stay in compliance at tax time.…
read more