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Unemployment Insurance Weekly Claims Report Update for July 12, 2008
According to the US Department of Labor, in the week ending July 12, the advance figure for seasonally adjusted initial claims was 366,000, an increase of 18,000 from the previous week's revised...
IRS Provides Safe Harbor for Payroll Tax Deduction
In Rev. Proc. 2008-25, the IRS provided a safe harbor method of accounting for accrual-basis taxpayers to use to account for FICA and FUTA taxes. It also established procedures for taxpayers to use...
Tip of the Week: Stay Better Organized with ViewChoice
Do you wish you could be better organized? Do you wonder where you put that payroll report that you need? Is your filing cabinet overflowing? Do you worry about identity theft? Do you need to...
Reduced Taxes Due on Reclassified Employees
In Private Letter Ruling 200825043, the IRS concluded that employers who receive a determination letter from the IRS that someone previously classified as an independent contractor should be...
Minimum Wage to Increase July 24, 2008
The federal minimum wage is set to increase from $5.85 per hour to $6.55 per hour for work performed after July 23, 2008. Under current law, an additional increase to $7.25 per hour is scheduled for...
IRS Clarifies Withholding on Supplemental Wages
In Revenue Ruling 2008-29, the IRS clarified the amount of federal income tax to be withheld on certain supplemental wages. Situations covered include sales commissions, draws, signing bonuses,...
IRS Issues Guidance on Health Savings Accounts
The IRS recently issued Notice 2008-59 on Health Savings Accounts (HSA), which are available to taxpayers enrolled in a High Deductible Health Plan. Qualified contributions to an HSA are not subject...
Question of the Week: Do I Need to Pay Overtime for Holiday Hours?
This week’s question comes from Felix, a payroll manager: I have an employee who worked 34 hours last week. Since we pay eight hours for Independence Day even though we don’t work, do I need to pay...
Wage & Hour Violations Cost Wal-Mart $6.5 Million
Wal-Mart Inc. was ordered to pay more than $6.5 million in compensatory damages to current and former employees who worked in Minnesota. In Nancy Braun, et al. v. Wal-Mart, Inc., et al., No....
Tip of the Week: Don’t Rekey Your Payroll
Did you know that you can import your payroll data directly into QuickBooks®, Peachtree®, or other accounting software? Save time and avoid data entry errors through our streamlined payroll import....
