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Digital Currency - Cashless Society and Future of Money

  What can replace cash? Due to lots of innovation in this 21st century, nothing seems impossible around the globe. Reality is in front of us, as money will strip off its tangibility and cryptocurrency will appear out as individual units for virtual exchange. This requirement can be fulfilled with the help of Internet, iPhone or any Android-Gadget. Cashless transactions are practiced globally. Various countries like India, Sweden, and Belgium etc... have taken a back step from paper currency. Sweden has an objective to become the first country in terms of cashless economy. Two years ago, demonetization took place in India and most of the population in Belgium does their payment through cards or mobile phone apps. Even, there is a creation of law to limit the cash transactions up to a certain amount. The capability of digital currency Exchange There is a great opportunity for everyone to invest in tokens. The waves related to Cryptocurrency may give an allowance to receive the tokens w

What are the Benefits of Independent Contractor Payroll Services for Compliance

Payroll services are vital regarding the proper documentation and compliance of employee timekeeping and payroll.  One area of payroll that needs to be in full compliance with government regulations is withholding taxes.  Many businesses, especially small business owners, have found these payroll services to be very dependable and useful.  By having someone else in charge of payroll services and benefits administration, owners and administrative personnel are free to pursue special projects they would have otherwise postponed.

Many businesses hire independent contractors to work for them each year, and when it comes tax time they are required to receive a 1099 form and file it with the Internal Revenue Service (IRS).  While most file these forms as required, many do not.  Nevertheless, all businesses using the services of these independent contractors are required to send out these forms in time for the filing of taxes.  For businesses that use many independent contractors each year, the task of keeping up with all of them can be overwhelming.  By using the services of an independent contractor payroll service, this area can be kept in full compliance with IRS regulations.

Independent contractor payroll services can also help a business comply with overtime rules regarding employees being properly paid for any hours over the standard 40-hour work week.  These payroll services can more accurately calculate employee time entry, process calculations quickly and efficiently, and track all employees’ work hours, alerting management when any employee is closing in on overtime hours.  Many times, even when employees are expected to keep up with their own hours, they fail to do so.  The result of this is employees working more than 40 hours per week without proper authorization, leading to reprimands from management or forcing the business to pay them for the extra time, which can have a financial impact of several thousand dollars on large businesses.

The benefit of using these types of payroll services is to lower the risk of any incidents due to being out of compliance.  Most of the time, if businesses out of compliance on tax payments, overtime payments, and/or independent contractor paperwork, they are subject to various penalties including fines, penalties, lawsuits, and judgments.  These can be thousands of dollars depending on the severity of the action and the number of employees involved.

Being able to manage payroll services to stay in compliance is never easier than it is now with the use of independent contractor payroll services.  Using the latest technology, administrators can have these services manage the payroll using mobile interfaces including apps and other programming available to ensure that all rules are followed.

Businesses big or small can greatly benefit from using independent contractor payroll services to help them stay in compliance with local, state, and federal employment laws.  By staying in compliance, businesses can focus their energy on the specific tasks at hand, rather than always having to wonder if they are following all of the rules.


Matthew Walden is a partner at Infinity Consulting Solutions (ICS), a premier staffing and consulting agency headquartered in New York City. As an expert in the recruiting field, Walden offers over 20 years of expertise.  If you would like to reach out to him send him an e-mail at matthew@infinity-cs.com.

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