Erica Hall

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About Erica Hall

COURSE MINISTRY focuses on the E-learning module. We offer customized and high-quality web-based training through our online training courses on risk management, governance, corporate compliance, and other regulatory compliances. We offer to help professionals stay updated on the current business trends and compliance which helps to be prepared insight to complete the regulatory requirements in their profession.

IRS Releases 2024 Form 941, Instructions for Form and Schedule B

Erica Hall02 Sep, 2024Education

IRS Form 941 is vital for employers, used to report and pay federal taxes withheld from employee wages, including FICA taxes (Social Security and Medicare). Recent updates to IRS Form 941 and Schedule B have introduced complexity, making accurate completion crucial to avoid penalties and interest from the IRS. An IRS transcript, which provides a detailed record of your tax return information?including tax liability, payments, and credits?serves as a valuable tool for verifying tax history and addressing discrepancies. With the elimination of COVID-19 credits from the 941 forms starting in 2024, it?s important to understand various tax credit and their impact on payroll taxes management. Mastering these elements helps ensure compliance and minimizes the risk of costly disputes with the IRS.

Exempt Employees: Understanding and Mastering the Changes for 2024 and Beyond

Erica Hall27 Aug, 2024Education

The Department of Labor (DOL) will help you to keep up with changing regulations for exempt employee can be challenging. Misclassifying these workers or failing to adhere to payment rules can result in hefty fines and back pay awards, impacting companies of all sizes. Exempt employees receive a fixed salary rather than hourly wages. Although payroll departments don't decide on classifications, they must fully understand and implement the rules for exempt workers. It's crucial that payroll ensures these employees are paid correctly on a salary basis and that their wages are not improperly reduced. Errors in exempt employee classification or payment don't just affect the individual worker but can lead to penalties for all employees in the same job category under the same manager. Compliance is essential to avoid costly legal and financial consequences.

Travel Pay 2024: Best Practices for Expense Reimbursement

Erica Hall23 Aug, 2024Education

Managing travel expenses efficiently is essential to maintaining financial health and keeping employees satisfied, as these costs can quickly accumulate. For payroll professionals, handling expense management can be daunting. One of the significant challenges today is determining how to compensate employees for the time spent traveling on business. Recent changes in federal and state wage and hour regulations, coupled with economic pressures, can increase the risk of non-compliance lawsuits, particularly if travel time leads to overtime pay obligations. Therefore, it's crucial for employers to adhere to statutory guidelines when it comes to managing travel expenses. Ensuring accurate tracking and timely expense reimbursement can also help mitigate disputes and foster a positive work environment. Regularly updating your expense policies in line with legal requirements will further safeguard against potential compliance issues.

Backup Withholding, The Forgotten Piece of the 1099 World

Erica Hall21 Aug, 2024Education

Backup withholding mandates that a payer withhold tax from payments that are not otherwise subject to withholding. This requirement arises if you do not provide correct taxpayer identification number (TIN) or fail to report income such as interest, dividends, or patronage dividends. Banks and other businesses making these payments are required to file an information return with the IRS using Form 1099. This form will list your name and TIN?such as a Social Security number (SSN), Employer Identification Number (EIN), or Individual Taxpayer Identification Number (ITIN)?and will indicate any amounts withheld under backup withholding rules. In addition to reporting income and withheld amounts, Form 1099 helps ensure tax compliance and accurate income reporting.