Covid-19, payroll and HCM considerations in the New Year
There’s a “new normal” for business as the pandemic continues. But even that too can change at a moment’s notice.
Every day, American businesses are wrestling with payroll compliance issues following changes to federal tax law and preparing for what is yet to come. They are learning to navigate the logistics of a remote workforce, and they are anticipating what the November election will mean for payroll administration in 2021.
That’s why now is the time to assess the confidence you have in your payroll service provider and consider the effectiveness of your existing payroll and HCM infrastructure. With so many changes and uncertainties ahead, it’s more critical than ever to ask yourselves these important questions:
- How well has my current payroll provider helped me weather the storm since the pandemic took hold in March 2020?
Did you partner with a payroll service that implemented safety precautions, provided regular updates as the crisis worsened, and kept you informed of deferment, fraud and sick leave issues? At IPS, we pledge to answer your calls, respond to emails, and always provide the best possible payroll solutions to meet your needs.
- Can I be sure that my company is in compliance with any changes to filing, reporting, and tax code laws?
This is a critical issue for businesses, especially in 2020. Since March, there were two waves of funding for the Paycheck Protection Program (PPP), a tax retention credit, sick leave reimbursement guidelines for companies impacted by Covid-19 and the payroll tax holiday. And it’s very likely there will be a slew of new payroll-related happenings to come. If you have any questions or concerns regarding your current compliance standing, contact an IPS payroll specialist right away.
- Is my business prepared to meet the mandatory deadlines for payroll processing next year?
If you process payroll “in-house,” it’s critical to have a clear understanding of the annual payroll processing calendar. There are several rules that must be followed and dates that cannot be missed. Staying abreast of these rules and dates will only become more paramount in the weeks and months ahead.
- Are there more payroll services my organization should contemplate to improve efficiencies?
Keep in mind that the best payroll system is the one that complements your organization. And with the drastic increase and demand for work-from-home services and access, your choice on technology can have a measurable effect on your business operations. Consult with an IPS payroll specialist to ensure your business is leveraging the most recent payroll technology to your advantage.