Keeping an eye on any updates for tax reform and payroll in 2023 may feel tiresome or overwhelming when you or your in-house accountant have many other responsibilities. Remind yourself that all business owners look out for changes and updates throughout the entire year and not just during tax season. Do not hesitate to seek assistance when managing tax updates for tax year 2023. Look for accounting and payroll software that helps to streamline your weekly, quarterly, or annual deadlines. Find a full accounting suite of tools that enables you to complete and file any forms by your deadlines while staying compliant. The best accounting and payroll software helps you to free up the time that you can dedicate to other business activities.
Advanced Micro Solutions is an affordable, full accounting suite of tools. Our system provides a base program with six optional add-on modules that users select to build onto the core product. Whether you want to use accounting software for the first time or you have reluctantly decided to retire your manual bookkeeping, our software is an intuitive and user-friendly option.
Best Practices for Tax Reform and Payroll in 2023
Using accounting and payroll software to stay up-to-date with tax reforms may feel like a big adjustment. Reduce the stress of the transition by using the following methods:
Consider which payroll reports best serve your business’s needs. You already know that plugging your data into the office’s spreadsheets gives you a fuller picture than if you manage the books incrementally by hand. Use software to generate payroll reports in one place and to keep them organized ahead of and during tax season. The reports may range from Payer/Tax Summary to Employee Detail reports.
Keep track of all your tax and payroll reporting deadlines. There is no excuse for anyone not to know the employment tax deadlines. Legislation may create changes for tax reform and payroll in 2023 and future years, but they are everyone’s responsibility to follow. Stay informed with software that has tax tables and create your own deadline calendars as needed.
Create a comprehensive guide for your business’s relevant tax laws. Payroll software can come equipped with features that provide you with federal, state, and local payroll and tax laws. Review any software program to ensure that it can fulfill your needs with the different reporting entities and authorities.
Understand your business’s potential exposure to liabilities. Manage your workers better for tax year 2023 when you use software to identify liabilities. Payroll software can help you generate Workers Compensation reports and other payroll reports as you need them.
What are Common Tax and Payroll Compliance Errors?
Investing in software sooner rather than later to better manage tax reform and payroll updates is a worthwhile decision. The cost of noncompliance can become a larger problem if you make the following mistakes without software and then fail to identify them.
Exemption Classifications – Avoid improperly classifying your workers as exempt with payroll software. Trustworthy software helps you keep track of all overtime wages. Properly managing overtime wages reduces the risk of your business incurring penalties or facing legal problems.
Employee and Contractor Misclassifications – Correctly classify all employees with software that allows you to enter payroll and non-employee compensation. Mistakes are more common with a heightened gig economy over the past several years. Look for accounting software that takes care of both types of workers.
Pay Discrepancies – Tax reform and payroll updates in 2023 should not affect the accuracy of your employees’ payments. Cut down needless hours of reviewing payroll and tax reports when you invest in software. Find a program that automatically calculates all federal, state, and local payroll taxes for your business.
Missing Compensation Reports – Reporting all types of employee compensation is a must, but it can feel overwhelming with more workers. Use accounting and payroll software to fill out types of compensation ranging from salaries and commissions to stock options and employee rewards.
Why Small Businesses Choose AMS
Small businesses use our W-2/1099 Forms Filer with the optional AMS Payroll add-on module to report “live” or after-the-fact payroll throughout the entire year. Review your tax reform and payroll requirements for 2023 with our program’s easy-to-use, menu-driven format. Reference our regularly updated state and federal tax tables that we provide to users. Export any data to the W-2/1099 Forms Filer for year-end processing. Small businesses can also save money on printer paper and ink. Electronically file your forms straight to the Internal Revenue Service or Social Security Administration with our E-File options. Download our 1099-etc Demo software today to get started and explore our features.