To Our Clients, Vendors, Partners and Friends:
Greetings to you this holiday season!
I hope you are able to enjoy some well-deserved relaxation and times with friends and family. We consider our clients, and anyone we work with, part of the Precision Payroll family, and send you warm wishes!
We hope that 2018 has been fruitful, and that you are looking forward to exciting adventures in 2019. Whatever 2019 brings, know that we are there to help you make it happen, with the personalized service we have come to be known for.
At Precision, 2018 marked the complete migration to our new integrated platform, iSolved. We are thrilled to get feedback from clients on how this suite of workforce management solutions—integrating payroll, time and attendance, HR and benefits— has allowed them to streamline their processes.
Cheers to 2018, and we wish you all the joy and prosperity that 2019 has to offer!
At your service,
Tom Sodeika, CEO & President,
& Your Payroll Team
Illinois Mandates Retirement Savings Plan
To be offered by businesses with more than 25 employees
The Illinois Secure Choice Retirement Savings Program, signed into law in January of 2015, requires that Illinois businesses automatically enroll their employees in the savings program if they have at least 25 employees, have been in business for at least two years, and do not provide a qualified retirement savings plan of their own (such as a 401k, SIMPLE IRA, pension or other retirement savings vehicle).
The mandatory law enables employees to save for retirement through payroll deductions into a Roth Individual Retirement Account (IRA) (after-tax). The default savings is 5% of gross pay, though it can be adjusted. Illinois is the first state to implement a retirement savings plan for employees of small businesses. It is a model for plans that other states are developing.
The requirement began November 1 for companies with 500 employees or more, and will begin July 1, 2019, for businesses with 100–499 employees, and November 1, 2019, for companies with 25–99 employees.
READ MORE >>
New Time Clock Makes It
Even Easier to Track Time
The NXG LE time clock is a flexible time collection device designed to work with the iSolved human capital management (HCM) platform. It replaces the IQ200, but adds even more features. The clock allows for easy punching in and out with an intuitive, user-friendly interface that shortens the learning curve and reduces data-input errors.
The time clock features a snap-dome keypad and a color screen for improved visibility. Its simple design and plug-and-play functionality are ideal for customers who are looking to perform primarily time and attendance-only monitoring.
How does the NXG LE Time Clock Work with iSolved?
The NXG LE clock immediately sends attendance and labor data to the Time and Attendance module of iSolved, while ensuring that all employee and validation data from the clock is accurate. The clock must be added to the client’s iSolved Time system. Once connected, it will download the validation tables.
READ MORE >>
Electronic Tax Filing
Electronic Tax Filing is now mandated by many states including Illinois, and to file electronically, an account number is required.
Peggy Green, Precision’s Tax Department Manager, says that there are very few states that still allow paper filing. “Everyone is trying to get away from paper.”
She adds that regardless of whether or not the state you are in mandates it, electronic filing is something everyone should consider.
“Electronic filing is not only more efficient and cuts costs, it also prevents fraud and results in fewer errors,” says Green. In addition to having an account number, a client will sometimes need to grant Precision permission on the tax site to file for them. We will contact clients on a case-by-case basis when this is needed. The client will incur penalties if we are not able to file the reports for them. Clients should contact their payroll specialist to get the links needed to register for account numbers, and with any questions.