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Anyone who works at a job for a living is likely familiar with the W-2 that arrives in the mail and that must accompany their tax returns. We thought it would be useful to provide a quick review of this essential IRS form – its purpose and employer responsibilities for distributing it. The purpose of the W-2 The W-2 tax form is also known as a Wage and Tax Statement. It shows the amount of…
Here at year-end, company personnel responsible for record-keeping should prepare for W-2 and other tax form reporting by collecting their corporate health insurance information. S-Corporations (S-Corps) must segregate payments made to employees, and their spouses and dependents (which are not wages and are therefore not subject to withholding), from payments made on behalf of officers, owners or employees who own more than 2% of the company’s stock. For the latter individuals, the amount paid on…
Ahhh…vacation. We all love it and look forward to it. It’s not only a fun and welcome change of pace; research has found that vacations are actually really good for our health! Stress reduction, heart disease prevention, improved productivity, and better sleep are just some of the health benefits that vacation can provide. But have you ever wondered why employers would actually pay someone to take a vacation? The concept of paid vacation was started…
Flu season is getting started here in the South, and now is a great time to get your office and your workers ready to battle it. According to the Centers for Disease Control (CDC), every flu season sickens millions of Americans, hospitalizes hundreds of thousands, and kills tens of thousands. The 2017-2018 flu season was the most severe in a decade. While only moderate in severity, the 2018-2019 season was record-breaking in duration, with flu…
After years of debate, the Department of Labor (DOL) issued a final rule on September 24 that increased the salary threshold for an “exempt” employee under the Fair Labor Standards Act (FLSA) to $684 a week ($35,568 annually) from $455 a week effective January 1, 2020. As a reminder, unless exempt, employees covered by the FLSA must receive at least time and one-half their regular pay rate for all hours worked over 40 in a…
The end of any year is always challenging, between juggling employees’ holiday vacation schedules, preparing year-end paperwork, and making adjustments for the upcoming year. However, an end of year assessment is a valuable way to review your company’s accomplishments for the year, celebrate successes, and share business updates and progress with your employees and stakeholders. You also can take stock of how well you met your goals and capabilities, which allows you to set objectives…
National Public Radio (NPR) recently featured the topic of the ‘gender pay gap’ on one of its news programs, and I happened to be listening in. I was reminded of a conversation I had with my sister about pay inequality between men and women. The gender pay gap is confusing to me because the Equal Pay Act of 1963 has been around for more than 50 years. Salary differences between men and women may indeed…
By the end of each year, I’m usually approached with questions from clients who have received their W-2 form and are concerned about owing taxes when it comes time to square up with the Internal Revenue Service (IRS). It’s good practice to make sure that your backup withholding is up to date so that you avoid unwanted surprises. If you’re an employer, it’s helpful to be aware of the hardship that employees could experience if…
With many Americans looking forward to a long weekend and a day off from work on Monday, we thought that it would be fun to take a look at the history and origination of our beloved “end of summer” holiday: Labor Day. This day was created to celebrate the American worker and the trade and labor groups that support them. Observance of the Labor Day holiday evolved over a period of years as attention was…
I’m always interested in reading books and articles that address the concept of productivity. After all, learning to balance work and personal responsibilities is a challenge that we all face. A while back, I read a book called “The Productivity Project: Accomplishing More by Managing Your Time, Attention, and Energy” by Chris Bailey. It prompted to me to look at my own effectiveness and assess what’s working and where I could improve. Here are the…
Buffalo's Cafe Ends Human Resources Headaches;