On Dec. 22, 2017, one of the most significant reforms of the United States Tax Code in over three decades was signed into law. The new law, called the Tax Cuts and Job Act (TCJA), came into effect on Jan. 1, 2018 and significantly changed corporate and individual taxation.
Across the country, taxpayers are struggling to understand the implications of the new law and how it will impact their tax returns come 2019. Some of the significant changes made by the Tax Cuts and Job Act include: . . .
For HR and payroll departments, the wrong HCM vendor can lead to a world of frustration. Generally, HR professionals become uncomfortable with their organization's HCM technology due to bad implementation, poor vendor support and inadequacies or inefficiencies of the HCM technology.
Once you have these feelings towards your current HCM technology, you know it's time to make a change. Before reviewing your options, it's a good idea to understand the origins of your problem with the current HCM solution.
Some decision makers choose HCM vendors based on their past (positive) experience with their product. They may fail to consider the uniqueness of their current workplace and whether the HCM product would fit in with the mission, values and objectives of their current organization.
When there’s no sign of any payroll problems, everyone, including upper management and executives, assumes that things are working just fine. But just because things seem fine doesn’t always mean they are. The sad truth is that often, major, hard-to-repair payroll issues have to happen before companies realize just how deep their payroll issues really go. In fact, a recent study by Nucleus Research showed that payroll errors averaged nearly 1.2 percent of total payroll costs.
Payroll issues are usually only brought to someone’s attention when there is a very large error, such as an overpayment of more than $20,000, or a tax audit because the company failed to pay something correctly. Audit findings are another common place where you can catch mistakes. By the time most of these incredibly detrimental issues come to light, it’s too late for any prevention—they are already a catastrophe.
When payroll processes aren’t flowing smoothly or aren’t in compliance, the signs will eventually show themselves. It’s a ticking time bomb, and when it goes off, the results can be exponentially more expensive than any overpayments and fines….
A manufacturer creates a finished product from raw materials. A distributor sources product and packages and delivers to customers at the right time and place. A hospital diagnoses and treats injuries and sickness. A law firm advises and protects clients on legal matters. A nonprofit aids their selected cause through fundraising and professional assistance. Their one thing in common? All employ people who are paid.
