HCM Insights October 2022

Upcoming Holiday

Veterans Day

We are grateful to those who have served our country throughout all generations. The upcoming Veterans Day Holiday falls on Friday, November 11, 2022. While CBIZ HCM offices will be open this day, this is a Federal Reserve Bank Holiday, so payroll draft dates may need to be adjusted.

Important Payroll Deadlines

Check Date	Check Processing Date
Monday, November 14, 2022	Wednesday, November 9, 2022
Tuesday, November 15, 2022	Thursday, November 10, 2022

 

Thanksgiving

In observance of the Thanksgiving Holiday, CBIZ HCM offices will be closed on Thursday, November 24, 2022, and Friday, November 25, 2022. Also, Thursday, November 24, 2022, is a Federal Reserve Bank Holiday, which means payroll draft dates may need to be adjusted.

Important Payroll Deadlines

Check Date	Check Processing Date
Friday, November 25, 2022	Tuesday, November 22, 2022
Monday, November 28, 2022	Wednesday, November 23, 2022

 

As always, your CBIZ HCM team is here to help should you have questions. We appreciate your continued partnership, and we wish you and your business the best of health. Please contact your payroll services team if you have any questions.

 

Steps to Prepare for Year-End

Year-End is approaching, and though it’s hard to believe, 2023 will be here before we know it. Payroll professionals have much to do to prepare for this important milestone.

We’ve put together a few tips, tricks, and reminders as you prepare for year-end.

Tax Reminder: when you receive letters from any government agency with a new tax rate or deposit information forward a copy to [email protected].

 

Deferred Social Security Final Payment Due 12/31/2022

The Coronavirus, Aid, Relief and Economic Security Act of 2020 (CARES) gave employers a temporary financial boost. Under the law, employers could defer paying their share of Social Security — but the final payment is due by the end of 2022 to avoid penalty.

The IRS has sent letter 3064C to remind employers of their final balance. Employers who have deferred the employer portion of social security taxes must pay this amount by December 31, 2022—which is extended to January 3, 2023.

 

Form I-9 Compliance Tips

early this year, a staffing company was fined over one and a half million dollars because they were not complying with i-9 rules. this came after a nearly two-year investigation uncovered numerous serious violations pertaining to i-9 compliance. while this case may not be the norm, the department of homeland security has increased i-9 fines, ranging from $252 to $2,508 per i-9 form. now is a perfect time for employers to review their i-9 compliance practices, especially considering the increased penalties.

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Ways to Prepare for Fall Time Change

fall is officially here, and it won’t be long before it is time to turn the clocks back one hour. while that does mean an extra hour of sleep, it can prove to be confusing and has the potential for workplace errors and productivity losses. ensure that your employees are aware of the upcoming change, so you don’t experience any issues.

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Minimum Wage Updates

Payroll is complicated, and the laws that govern employment eligibility, wages, and taxes are complex. Laws vary from state to state, and so does the minimum wage. Even before rising inflation, many states were on track to raise their minimum wage. To help companies stay abreast of the minimum wage changes, we’ve put together a list of states that have announced an increase to their minimum wage. Keep in mind that other states plan to boost their minimum wage later in 2023.

 

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The information contained in this HCM Insights is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations. This information is provided as general guidance and may be affected by changes in law or regulation. This information is not intended to replace or substitute for accounting or other professional advice. You must consult your own attorney or tax advisor for assistance in specific situations. This information is provided as-is, with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein.