The IRS gets a bad rap for being behind the times. Between its reliance on paper forms and complicated acronyms (1040-EZ, anyone?), you would be forgiven for not associating the agency with the state-of-the-art.
With a new law, the agency is looking to change that perception. The Taxpayer First Act, signed by President Trump earlier this month, goes a long way in modernizing the IRS’s approach to cybersecurity and some longstanding payroll forms. Below, we’ve summed up the changes most applicable to HR and payroll professionals.
When it comes to payday, employees aren’t typically used to being asked “paper or plastic?” With a law set to take effect on September 1, 2019, Texas is set to join the growing list of states that allow employers to pay their workers via “paycards” by default.
Below, we’ll detail the sometimes controversial payment method and what the new law specifically entails for Lone Star businesses and their employees.
Everyone knows about the ill-fated Fyre Festival. Simply put, it was supposed to be a massive festival in the Bahamas and the experience of a lifetime. Ticket holders would get the opportunity to sip margaritas and hit the pool with celebrities, supermodels, and artists. Long story short, none of that ever happened. People spent (and lost) a lot of money for what turned out to be a living nightmare. Seriously, look up the stories.
But before people arrived on the island to see their dreams dashed upon the Bahamian coast, festival staff had an inkling into the issues that would arise. How, might you ask? Payroll.
As companies grow, there are plenty of reasons to change from semimonthly to biweekly payroll frequencies, or weekly to monthly, or any combination of the above. Regardless of the prevalence of these changes, switching pay frequencies involves a lot more than just the flip of a switch.
Everyone knows you can find (and buy) just about anything on Amazon, including medical supplies. While the online mega-retailer has always accepted a long list of payment methods, one recent addition might be just what the doctor ordered.
The company recently announced that it would begin accepting health savings account (HSA) and flexible savings account (FSA) cards as payment. This development marks just the latest in Amazon’s foray into the healthcare industry, which Namely first covered last year.
If you’re currently unenrolled in an HSA or FSA, it might be prime time to reconsider. In this article, we’ll go through the two account types and their potential payroll tax implications.
The weekend feels short enough as it is. If you can believe it, this upcoming one will seem even shorter for most of us.
This weekend marks the return of daylight saving time. With it, we will enjoy nearly eight months of additional daylight—meaning you'll soon end your workday with some sun to spare. Like every spring, you'll set your clock ahead one hour this Sunday. But what happens if you have an hourly employee working at that time? How does your payroll team account for the time shift?
It’s game day. The wings are hot, the beer is cold, and mom’s seven layer dip is on point. While your friends are agonizing over the score, the payroll professional in you can’t stop thinking, “How is the away team taxed?” Come on, I know that's going through your mind.
The absolute worst feeling that a payroll professional can have is finding out someone didn’t get paid.
While that stings for us, it’s even worse for the ones who wake up to an empty bank account on payday. Last week, roughly 800,000 federal employees experienced that due to a partial government shutdown.
Eventually, most of these employees will be paid for their time. And given that the shutdown started back in December, it's a sure bet that payroll professionals like me will be asked to process plenty of retroactive payments. Here’s how those should be handled.
Everyone’s heard the saying, “you scratch my back, I’ll scratch yours.” In payroll, when these agreements happen between states, we call them reciprocal agreements. In other words, “you take my tax, I’ll take yours.”
The holiday season is known for a lot of pleasant things—eggnog, scented candles, and family time all come to mind. But if you’ve been in the payroll profession long enough, there’s a good chance you associate it with something else: federal and state tax notices. And when those come in, it’s time to pick up the phone. Gulp.
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