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[Infographic] A Storm Is Brewing: Are Your HCM-Related Tasks in Order?

In the world of human capital management (HCM), employment-related tax laws have become increasingly complex for businesses to navigate, especially with tax laws changing at a rapid pace.  In 2013 alone, there were as many as 19,000 proposed tax rules changes, according to internal ADP data.

Not only do businesses need to stay abreast of the evolving tax laws and rules, they are also responsible for handling approximately 257 human capital management-related tasks[1]  to remain compliant with various other HCM-related laws.  To stay on top of these demands, it’s critical for businesses to have the flexibility to adjust their enterprise resource planning (ERP) system to accommodate tax rule changes to meet filling and remittance requirements and to comply with other relevant HCM-related requirements.

On the plus side, for the companies that meet specific requirements, there are as many as 3,000 federal and state business tax incentives available to help grow their business.[2]  Unfortunately many businesses miss out on these credits because approximately 50 percent of the credits go unclaimed each year,[3] so be sure to be aware of the tax credits and incentives for which your business may be eligible.

Other key HCM-related processes that companies need to meet compliance requirements for at state, local and/or federal levels include wage garnishments, unemployment claims, employment and income verification, W2 management, payroll tax, wage payments and health care coverage requirements.

For more information about compliance-related tasks, see the graphic below and visit ADP.com/SmartCompliance.

 

Learn More About ADP SmartCompliance®

 

V9.ADP.Storm.is.Coming

 

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<a href="http://www.adpcomplianceinsights.com/wp-content/uploads/2015/04/V9.ADP_.Storm_.is_.Coming1.pdf"><img src="http://www.adpcomplianceinsights.com/wp-content/uploads/2015/04/V9.ADP_.Storm_.is_.Coming1.pdf" alt="A Storm Is Coming" title="[Infographic] Is Your Business Weathering the HCM-related Compliance Landscape?" width="100%" border="0"></a>

 

 

[1] Based on internal ADP analysis and data

[2] Based on internal ADP analysis and data

[3] Based on internal ADP analysis and data


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