A CSV file is a text file that uses commas to separate values into columns. This data format has been around for along time and is extremely easy to use, but is also widely misunderstood. With such a simple definition you might be wondering why I’m writing this article. That, or you’re one of the people I work with on a daily basis who are utterly confused when I suggest that a CSV file is anything other than a Microsoft Excel file. Before I go any further, let’s look at some content that would be typical of a CSV file: The…
Posts published in September 2016
Same Day ACH becomes effective on Friday, September 23rd, 2016, and one of its primary uses will be for the Direct Deposit of payroll transactions. Rather than the 1-2 day window for current ACH, payments will settle the same day for Same Day ACH. Employers should understand how they can effectively use this for those same day deposit needs. The nation’s 12,000 financial institutions will be implementing Same Day ACH, although some institutions may take longer than the end of business day to credit some employees’ accounts. By March 2018, all financial institutions will credit Same Day ACH deposits to…
One of the items passed in The Protecting Americans from Tax Hikes (PATH) Act of 2015, which was signed into law by President Obama on December 18th, 2015, was an effort to prevent tax return fraud. The Act accelerated the filing deadline for businesses for year-end informational returns such as forms W-2 and 1099-MISC* by 60 days to January 31st of the year following the tax year of the form. This makes the SSA and IRS filing deadline of their respective forms the same as the deadline for their distribution to employees and contractors. This new deadline of January 31st…