It’s National Payroll Week – So What Does That Mean?

Heather McNichols | September 5th, 2016

Launched as an initiative to recognize those who work in the payroll industry while helping to educate all American workers about the make-up of their paychecks, National Payroll Week takes place every year during the week of Labor Day. Presented by the American Payroll Association, this year (2016), National Payroll Week is slated for Sept. 5-9.

National Payroll Week 2016 - Ohio CPA Firm

Image credit: National Payroll Week’s website

Here at Rea, we love a good celebration! So, here are four great articles that provide some insight payroll professionals might find useful.

  1. Don’t Get Tripped Up By Payroll – Managing your entity’s payroll isn’t always as easy as simply rewarding your employee an agreed upon compensation for a hard day’s work. And because salaries and related benefits are usually the largest expenditures of most governmental entities, it’s absolutely imperative that your payroll amounts are calculated correctly. Avoid making costly mistakes and make sure you have the proper checks and balances in place to ensure that you are properly calculating payroll every time.
  2. New DOL Rule Shakes Up Exemption Threshold –The Department of Labor (DOL) announced its publication of a final rule to update the regulations governing the exemption of certain classes of employees from minimum wage and overtime pay protections of the Fair Labor Standards Act (FLSA). The final rule, which goes into effect Dec. 1, provides for an updated salary and compensation threshold for executive, administrative and professional (EAP) employees to be considered exempt as well as provides an amendment to the salary basis test to allow employers to utilize nondiscretionary bonuses and incentive payments to satisfy up to 10 percent of the new standard salary level.
  3. Payroll, HR Departments Targeted By Cyber Criminals Over the last few years, the threat of refund fraud and identity theft has become a very real concern, and criminals have proven that they will go to great lengths to get the information they need to complete their scams. This recent phishing scam is no exception.
  4. Dangers of Paying Under the Table – It’s not a surprise to many people that some workers are paid “under the table.” It’s a common practice in industries using temporary workers, such as construction, repair and other trades. Keep reading to learn more why paying under the table is a no-no.

Do you need a hand in managing your company’s payroll responsibilities? Email Rea & Associates, to find out how working with a team of expert payroll professionals can enhance your business.

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