Federal 941 Refunds May Be Delayed
U.S. senators and legislature have written to the IRS and Treasury requesting improvements to 941 processing for their constituents across the United States. They made specific recommendations to change the processes to relieve the financial impact from the federal government to the taxpayer. The IRS responded that they have been severely impacted by COVID and staffing as of December 23, 2021. As of that date, the IRS has 6 million Form 1040 (individual) to process, and more than 2.3 million amended 1040 forms to process. In addition, they have 2 million form 941s (employer quarterly form), and more than 500,000 amended 941s to process. It appears that telephone communication is very limited. Employers should expect a delay in the 941 refunds.
The Importance of HR Tools
Human resources professionals faced new and increasingly difficult challenges in the last few years. But those with the right tools often found it easier to manage the ever-changing climate. Every HR professional needs certain tools to manage the needs of their organization more efficiently. Imagine if you had to remove all the leaves from your yard with a vacuum cleaner. This tool is great for many tasks, including removing dust and dirt from carpet fibers. But sucking up leaves from the yard, one by one, with a vacuum? Doesn’t sound fun, right?
Now imagine that those leaves are HR tasks, and each one adds nearly $5 to the company’s bottom line? According to research performed by Ernst & Young, manual HR tasks cost an average of close to $5 each. If you look at the white paper in more detail, you can see that some tasks are far more costly, with some coming in at closer to $20 apiece. If your HR department is still handling tasks manually, automation could be the cost-saving solution your organization needs. Implementing a single solution that includes vital HR tools, along with the mission-critical functions for managing payroll, benefits, and time tracking, simplifies the workday for everyone involved. We’d love to help equip your HR professionals with the right tools so they can stop sucking up proverbial leaves with a vacuum cleaner (and save your business money in the process). Contact your customer service rep or click here to learn more about the available tools.
Inaccurate Time Tracking
Many small business owners mistakenly believe that they can’t afford a modern time tracking solution. But the reality is that no business can afford to go without having such a system in place. Time tracking can cost a lot, especially if employees intentionally or mistakenly report time that they didn’t actually work.
Let’s start with the basics: Time theft happens if an employee reports hours for pay that they didn’t use for work tasks. An example of time theft is if an employee’s shift starts at 9:00 a.m., but they arrive and clock in at 8:30 a.m. They might use that extra half-hour to get a cup of coffee or chat with their coworkers. While an extra half an hour might not seem like a costly amount for a business, imagine if that employee clocked in 30 minutes early every day. Their two-week pay stub would include five extra hours that they didn’t work.
Another method of time theft is buddy punching, which occurs when an employee clocks in for someone who isn’t there. An employee who tracks their own hours manually could commit time theft without realizing it, simply by making a mistake in their addition.
A modern time-tracking solution is the solution to all of these problems. It can also create a more streamlined experience for employees, especially when the system includes flexible ways to manage their time. A timekeeping system that connects to the company’s payroll system ensures accurate payroll, every time.
If your business is using time tracking methods that could increase the risk of time theft, non-compliance with federal and state regulations, or accidental errors, now is the time to make a change. Protect your company from legal and financial repercussions by implementing a solution that is easy to use and effective. Contact your customer service representative to learn more about the solution that’s built into the payroll platform we deliver.
Upcoming Important Dates
Monday, February 21: President’s Day (Federal Reserve and Payroll People closed)
Please allow an extra day for PPI Common and electronic deposit accounts.