Mike helps companies handle compliance and risk management in an effective and business-savvy way. Mike has built a successful career around his passion, directing high-performing risk management and compliance teams in a way that has not only protected my firm from regulatory issues but has also provided it with a competitive market advantage. At Paychex, he is responsible for leading an elite Compliance function which supports the company and over 680,000 primarily small and mid-sized business clients across the United States and Europe. Paychex pays 1 in every 12 private-sector employees in America, is the nation’s largest 401k recordkeeper in number of plans managed and a top-25 insurance agency nationally, and has an industry-leading Human Resource Services and PEO business.
It’s a significant obligation that in today’s environment would be difficult for employers to assume. One thing we talked about internally was, ’Would all employers buy into it? One of the fundamental credos from the IRS is that the employer is always responsible for paying the payroll tax.11 March 2021
But if an error is discovered on Form W-2 after it has been filed with the SSA, an employer should prepare Forms W-2C (Corrected Wage and Tax Statement) and W-3C (Transmittal of Corrected Wage and Tax Statement) to file with the SSA. Provide the employee with their applicable copies of Form W-2C.11 March 2021
From the financial toll COVID-19 has taken on businesses, to the confusion around returning employees to the office, and what to consider when building a vaccination policy, business owners are facing a level of complexity never seen before. That’s why we’ve created educational resources addressing a spectrum of new challenges. Whether it’s a full shutdown, seeking funds to keep doors open, struggling to manage a remote workforce, or hiring to meet new and unexpected demands, we’ll continue to guide business owners through the difficulties identified in this research.11 March 2021