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compliance

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@@ -394,21 +394,11 @@ The methods for calculating income tax deductions are specified by the federal g
may reasonably be expected to exceed $5,000 in the taxation year of the employee in which the payment is made, the amount to be deducted or withheld by the employer is dictated may reasonably be expected to exceed $5,000 in the taxation year of the employee in which the payment is made, the amount to be deducted or withheld by the employer is dictated
through a calculation prescribed in the regulation within the Act. through a calculation prescribed in the regulation within the Act.
Legislative change can prove to be anything but routine, particularly if the change is Legislative changes can present significant challenges for payroll departments, especially when implemented mid-year or applied retroactively. These adjustments often require updates to individual payroll records, additional reconciliation efforts, and revisions to year-end balancing procedures, placing extra demands on payroll professionals.
implemented at a time other than at the beginning of a calendar year, or involves some sort of
retroactivity. The change may involve a series of adjustments to individual payroll accounts
and extra work for the payroll department to finalize reconciliations and year-end balancing
requirements.
In general, legislation, and in particular, labour legislation, is constantly being changed, Labour legislation in particular is subject to frequent modifications, including amendments, repeals, and revisions. Therefore, it is critical for payroll practitioners to remain informed about the laws and regulatory updates relevant to each jurisdiction in which their organization operates.
amended, repealed or revised. As a result, it is essential to keep up-to-date with the changes
in the jurisdiction(s) in which your organization operates.
Changes in legislation are generally publicized in the media. In large organizations, human Legislative changes are typically communicated through public media. In larger organizations, updates may also be shared internally by human resources, tax specialists, or legal departments. Regardless of the organization’s size, payroll professionals should take a proactive role in monitoring relevant developments and ensuring that all affected parties are made aware of any changes. A variety of resources—such as government publications, industry newsletters, professional associations, and online portals—can support this ongoing effort to stay informed and maintain compliance.
resource departments, tax specialists and corporate legal departments often provide this type
of information. However, in both large and small organizations, the payroll practitioner
should be proactive in keeping abreast of changes and bringing them to the attention of those
involved. There are many ways to keep informed of changes that impact payroll.
The following are some of the available resources: The following are some of the available resources: