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What are some things payroll professionals should do each year to ensure they are current on...

What are some things payroll professionals should do each year to ensure they are current on all payroll laws and regulations? What are some things that tend to change from year to year? Research some of the tax forms used by payroll departments. Choose one of the forms and describe its purpose, the information it contains (very basic - you don't have to get overly detailed here), and how often it is filed.

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Answer #1
A payroll professional should be aware of the latest trends about Employee welfare schemes by:
1 Regularly reading newspapers
2 Changes in existing laws through circulars, notifications, announcements, etc, if any
Some of the amendments that happen year to year are in relation to :
1 Tax impacts, deductions, rates for different incentives, due dates for filing or submissions
2 Impact of economic crisis over compensation benefits
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