In many engineering and IT environments, the main focus points back to security. That’s because the success of many firms relies heavily on protecting their intellectual property. Along with security, engineering firms must also focus on managing their workforce in order to maximize ROI on every project. This starts with tracking how much time your […]Read More >
5 Common Mistakes Every Payroll Manager Should Avoid
- nettime solutions staff
Payroll is a series of complexities. Business owners often face challenges both in their internal payroll processes as well as working with payroll providers.
One huge part of the Internal Revenue Service’s assignments it to focus on under-withheld employment taxes. This means they review worker classification, fringe benefits, executive compensation, and payroll taxes.
These 5 common mistakes often lead to employment tax liability and penalty issues.
- Classification of employees as independent contractors
- Failure to issue 1099 forms
- Forgetting to deposit withheld taxes
- Excluding expense reimbursements from reportable wages
- Overlooking to nonqualified deferred compensation in executives’ incomes
Having an automated process that integrates with your workforce system and payroll processes will help identify any discrepancies and avoid stiff penalties.