.png)
Heather Palermo
5 Benefits of HCM and Payroll Software for Small Businesses
A single payroll mistake can turn into a rough week fast. Someone gets shorted on their check, they come to you upset, and now you're...
In December of last year, the Internal Revenue Service warned tax professionals of an increase in phishing emails that involved payroll direct deposit and wire transfer scams. In recent months, these fraudsters have been targeting human resource personnel convincing them to reroute an employee’s paycheck by direct deposit.
The emails look legitimate at first and generally impersonate a company employee, often a CEO or CFO. The email from the “employee” asks the payroll or HR staff to change his or her direct deposit for payroll purposes. The “employee” provides a new bank account and routing number, usually to an offshore account, all controlled by the scammer.
Example: the emails are meant to be simple and direct, with few misspellings or grammatical errors that would trigger email filters.
Once routed to the thief’s account, the company is on the hook for replacing the victim’s stolen funds and the employee now faces the inconvenience of a late paycheck, or two.
These types of scams come in many forms such as fake invoice payments, title escrow payments, wire transfers and other schemes that result in a quick payoff for the thief. Businesses should be on high alert and carefully review all incoming emails, even those from company employees, before taking action. We strongly advise businesses to consider policy changes to guard against such losses.
Thousands of people have lost millions of dollars and their personal information to scammers. Stay alert! The IRS warns consumers of such scams. Please visit the IRS Tax Scams / Consumer Alerts page.
Kaizen CPAs works with auto repair shops across the country. We know running a successful shop takes more than keeping the bays full. We help shop owners understand their numbers, stay ahead of taxes, and build stronger, more profitable businesses. Auto repair is at the heart of what we do, but we bring the same practical, hands-on approach to businesses in other industries, too.
YPD HCM is part of the Kaizen CPAs family. YPD HCM helps small businesses manage payroll, HR, and compliance with the right tools and personal, human support—from payroll and tax filings to onboarding, employee management, and more. It’s practical help for the people side of your business, from a team that’s there when you need them.
The information in this article is provided for general educational purposes and reflects conditions as of the publication date. It is not legal, tax, accounting, payroll, HR, or compliance advice. Every business is different, so talk with a qualified professional about your specific situation.
How to Know If a Four-Day Workweek Is Right for Your Business
The four-day workweek has become one of the most talked-about workplace shifts of the last decade. Large corporations are experimenting with it....
What Return to Office Mandates Really Mean for Small Business Owners
We've all seen the headlines. Another major company announces that everyone needs to be back at their desk. No exceptions. And if you're running a...