Are you planning an end-of-year bonus payroll for employees? With only five weeks left in 2013, now is the time to schedule any additional payrolls you need. Schedule Separate Pay Runs for Bonuses Many employers like to distribute bonus checks at a firm party or...
IRS Rules on Deductibility of Accrued Bonuses
In Revenue Ruling 2011-29, the Internal Revenue Service (IRS) ruled that a taxpayer can establish the “fact of the liability” under §461 for bonuses payable to a group of employees even though the employer does not know the identity of any particular bonus recipient...
Question of the Week: Do We Need to Include Bonuses in Overtime Calculations?
This week’s question comes from Sylvia, a payroll manager. Sylvia asks: We have employees who worked overtime this past week and received bonuses. Do we need to include bonuses in overtime calculations? Answer: The bonuses may or may not have to be included in the...
Question of the Week: How Much Time Do We Need to Process a Bonus Payroll?
This week’s question comes from Abby, a company vice-president. We’re planning to give out bonuses to our employees. How much time do we need to process a bonus payroll? Answer: Vision Payroll recommends that you schedule bonus payrolls as soon as possible. You’ll...
QuikTrip Will Pay Almost $750,000 in Overtime Back Wages
The US Department of Labor (DOL) has announced that QuikTrip Corp. (QuikTrip) will pay $747,729 in overtime back wages for violations of the Fair Labor Standards Act. The 3,819 current and former employees affected will receive an average of $196 each. In announcing...
US Department of Labor Issues Opinion Letter on Bonuses and Overtime Rates
The US Department of Labor (DOL) recently issued Administrator signed Opinion Letter FLSA2008-12. Although Opinion Letters only apply to the exact set of facts and circumstances presented in each case, they are a valuable aid in understanding current interpretations...
Tip of the Week: Schedule Additional Bonus Payrolls Now
Are you planning an end-of year bonus payroll for employees? With only four weeks left in 2008, now is the time to schedule any additional payrolls you need. Many employers like to distribute bonus checks at a firm party or get-together. If the bonus checks are...
US Department of Labor Files Suit to Recover Overtime Wages
Following an investigation, the US Department of Labor has filed a lawsuit seeking more than $5 million in underpaid overtime. The suit was filed against CEMEX, Inc., a Houston-based provider of cement and concrete products. Employees in Arizona, California, Florida,...
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, severance pay, annual leave, vacation and sick pay, and sick pay paid at a...
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