The Social Security Administration has announced that they will begin mailing Educational Correspondence (EDCOR) notices in the middle of next year to businesses and employers who submit wage and tax statements (Form W-2) that contain name and Social Security number (SSN) combinations that do not match their records. There are a number of reasons why reported names and SSNs may not agree with their records, such as typographical errors, unreported name changes, and inaccurate or incomplete employer records. If they cannot match the name and SSN reported on a Form W-2 to their records, they cannot reconcile employer wage reports and…
Posts published in July 2018
While I am biased, as President of PayMaster, a payroll service provider, I do find the rare case for a business to utilize the services of a Professional Employer Organization (PEO) or Employee Leasing as it is sometimes referred to. In my opinion, there are only two reasons for a business to utilize a PEO, and that is in regards to Health insurance and Workers’ Compensation insurance as we will discuss. If the PEO route is the decision then I strongly recommend proceeding with caution and do your math, taking into consideration the big picture of the financial cost. This not…