Tax Day Tips for HR Professionals

Tax Day Tips for HR Professionals

April 15th is commonly known as Tax Day, or the last day that tax returns can be mailed to avoid penalties. While taxes might be the last thing that many HR professionals are thinking about, this time of year is as good as any to make sure you’re up-to-date with the recent wave of legislation, including several tax-related issues. Here’s a few items to get you started…

Update your Federal Minimum Wage Poster

Ok…we’ll start out easy. According to the Department of Labor, “every employer of employees subject to the Fair Labor Standards Act’s minimum wage provisions must post, and keep posted, a notice explaining the Act in a conspicuous place in all of their establishments so as to permit employees to readily read it.”

So here’s the process: Click here to go to the Department of Labor’s website. Now you have a hard decision ahead of you – black & white or color; small or large. Once you’ve decided, print it out, and hang it up in a conspicuous place. There you go, you’ve already taken a huge step!

Learn about the ‘Making Work Pay’ Tax Credit

Are your employees wondering why they’re getting an extra couple of bucks in their paychecks? According to the IRS, “In 2009 and 2010, the Making Work Pay provision of the American Recovery and Reinvestment Act will provide a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns. This tax credit will be calculated at a rate of 6.2 percent of earned income and will phase out for taxpayers with modified adjusted gross income in excess of $75,000, or $150,000 for married couples filing jointly.” For more information on this tax credit, visit the IRS website.

Review Your Compensation and FLSA Standards

Is your compensation strategy comparable to that of other’s in the region? You can find out with ERC’s EAG National Wage & Salary Survey, which contains compiled data from 41 regions of the country, covering 18 states and 66 major metropolitan/regional areas.

Is your organization meeting all of the necessary FLSA standards? If you’re unsure about things like who’s covered, overtime issues, child labor rules, and other standards that your organization is required to meet, visit the Department of Labor’s FLSA compliance site. For a more in-depth analysis, ERC offers FLSA audits by compensation consultants, all of which have nearly 20 years of hands-on corporate and direct consulting experience.

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One Response to Tax Day Tips for HR Professionals

  1. Nice post! I’ll surely take in your advice, this will really help me in the near future. Thanks for sharing. hope you’ll have more to share in the near future.

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