5 TIPS for Payroll Compliance
Payroll compliance brings many nuances from the regulations, guidelines, applicability, and agreements owing to continuous revision of tax and labor laws. It is pertinent to be careful about the above payroll aspects and avoid error and penalties. As per the statistics, in USA, $6 billion in employer penalties were assessed by the IRS in 2020 and as many as 30% of businesses were reported to have misclassified their employees. Paycheck error has also been experienced by as many as 25% of the employees and around 82 million employees in US have been affected by payroll problems. The solution of all these concern lies in having a robust and trustful payroll system in place. An up-to-date compliant payroll solution not only benefits employers but also increases the employee experience. Therefore, the companies must ensure compliance with technology that would help make the process more seamless and adopt mechanisms that comply with the most important regulations.
Source: https://www.ramco.com/blog/pay....roll/5-tips-for-payr
