The Colorado Department of Labor & Employment (CDLE) is requiring all employers to use the new mandatory affirmation of legal work status form for all new hires starting October 1, 2014.
The employment verification law applies to all public and private employers in Colorado, and is in addition to separate Federal Form I-9 requirements. Employers must comply with the provisions of the law for all employees hired on or after January 1, 2007 (when the verification law was enacted).
The form should be completed within 20 calendar days of hiring an employee and should be kept with the personnel records of that employee for the duration of their employment.
Under the Fair Labor Standards Act (FSLA), employers are required to track and record payroll and employee records for at least three/four* years . In addition to the FSLA, each state may have its own laws on payroll recordkeeping.
*Be sure to review your state’s labor laws carefully as well as requirements for EACH form (for example, the W-4 you must retain for 4 years, I-9 Form is 3 years from date of hire or 1 year after termination,and Affirmation must be retained throughout duration of employment)
As a business owner, you’re challenged with a variety of tasks every day. Small business owners take on multiple roles, from accounting to legal to human resources. Regardless of whether you handle human resources yourself or delegate it to someone else, your company is bound to make mistakes.
Did you miss our live webinar on June 17th?
ASAP Accounting & Payroll and our partner APIntego recently hosted a live 30-minute webinar about the basics of Workers Compensation (how premiums are calculated, variables, managing and avoiding rate increases, and pay-as-you-go (PYG) versus traditional premium calculation).
You can view this webinar on ASAP’s YouTube Channel.
The U.S. Small Business Administration (SBA) is offering low-interest working capital federal loans to small businesses economically impacted by the Red Mountain Pass Rockslide that began January 13, 2014.
>>Apply online at https://disasterloan.sba.gov/ela
Our friends at Alpine Bank will open its first Denver branch tomorrow (April 4th). The Denver branch will open in LoDo and will be the first on the Front Range for Alpine Bank which was founded in Carbondale in 1973 and now has 37 locations on the Western Slope. ASAP is excited to welcome them to the big city!
Employee Attendance & Payroll on Any Device ASAP’s new cost-effective HUB portal is geared for the small to mid-sized employer in need of a simple online tool for pay stub/W-2 delivery and archive, a straight forward timeclock platform (mobile friendly), one-touch PTO request and review, document link library, and company message board to help streamline daily communication. >>More
Paperless Payables and Receivables Automate all the manual bill routing tasks and invoicing, store and access documents anytime, maintain digital audit trails, initiate bill payments remotely and accept ePayments from your customers — synchronizes directly with your QuickBooks data. All from the convenience from any computer or mobile device. >>More>
Anytime, Anywhere Access to Your Financial Data If you find yourself shuffling discs/backups with your bookkeeper, consider putting your QuickBooks database on our Remote Server to gain anytime, anywhere access for you and your accounting team. >>More
Olympic athlete Gus Kenworthy took Silver in the men’s slopestyle skiing competition Thursday in Sochi. Congratulations to his father Peter Kenworthy, mother Pip Kenworthy, and the Telluride community.
Effective January 1st restaurants that put service or automatic gratuity on bills for larger parties now have to show these charges as taxable sales/service charges (not as tips) and are subject to all payroll tax withholding. That added fee will need to be included with their payroll, meaning workers will have to wait to get the extra cash.
Restaurants are required to report to the IRS what employees receive for tips and are to pay Medicare and Social Security taxes on those amounts. Restaurants are eligible for the Excess Tip Credit, an income-tax credit for some or all of those payments – service charges are not eligible for this credit.
Although not listed in the revenue ruling, common examples in service industries are:
ASAP’s W-2 Processing is well under way; we anticipate all forms to be in the mail by MLK day! All clients will receive copies securely electronically later this month. Please retain these copies as you will need these to issue any reprints or copies that were delivered to a prior employee address. Note: for confidentiality and privacy concerns, we will not discuss payroll matters with your employees directly. Requests such as address changes, lost W2’s, additional copies or question/changes for any purpose must be sent to us by an approved contact.