article thumbnail

It’s time to review (or create) your document retention policy

Business Management Daily

Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out. Equal Employment Opportunity Commission. Per the U.S. Some types of business records, such as tax forms and legal documents, are relatively easy to spot.

article thumbnail

How to Effectively Manage Payroll Services?

Qandle

Payroll administration is the difficult task of keeping track of your employees’ financial data, such as pay, benefits, taxes, and deductions. Payroll software calculates pay and deductions precisely, and you only have to enter employee information once. What is the definition of full-cycle payroll processing?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What’s In and What’s Out: Review of Expiring Legislative Relief and Looking Ahead to 2022

Benefit Resource Inc.

Contribution Limit: $3,650 (Up from $3,600 in 2021) HDHP minimum deductible: $1,400 (No change from 2021) HDHP maximum out of pocket: $7,050 (Up from $7,000 in 2021). Contribution Limit: $7,300 (Up from $7,200 in 2021) HDHP minimum deductible: $2,800 (No change from 2021) HDHP maximum out of pocket: $14,100 (Up from $14,000 in 2021).

article thumbnail

Employee Files: What to include, what to leave out, and what’s confidential

Business Management Daily

For example, the Equal Employment Opportunity Commission (EEOC) requires that employers must keep personnel records for one year. If so, then you’ll definitely want to have the proper documents on-hand to defend your managers. Why is that? There are many reasons why, including that it’s required by law.

article thumbnail

Long Time Coming: SEC Adopts Final Dodd-Frank Clawback Rules

Proskauer's Employee Benefits & Executive Compensa

Twelve years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and many years after the Securities and Exchange Commission started considering regulations implementing the clawback provisions of Dodd-Frank, the SEC published the Final “Clawback” Rules (the “Final Rules”) on October 26, 2022.

article thumbnail

Workers’ Compensation: What’s payroll got to do with it?

Workers' Compensation Perspectives

The cost of these coverages may be shared with the employees (with worker contributions deducted from the wages or salary) but are otherwise a form of earnings, providing value that a worker might otherwise have to purchase. The worker portion is a deduction from earnings. This is generally not the case. More on that in a future post.

article thumbnail

What is GINA? The federal discrimination law you need to know.

Business Management Daily

GINA definition. Courts have interpreted the definition very broadly. It can change the deductible and premium payments for all Or it can keep paying. Acting on that information is prohibited genetic discrimination under GINA’s expansive definition. It prohibits genetic information employment discrimination.