Financial experts are saying that pay increases in 2015 are likely to average about 3% – just about the same as average increases for the last two years. Inflation is currently running about 2.1% so that means the average employees are barely keeping ahead of inflation. (more…)
Included in President Obama’s proposed 2015 fiscal year budget, there is a provision to accelerate the deadline for employers to deliver end-of-year W-2 tax forms to the federal government. The deadline for delivery of forms to employees is currently January 31st and then reported to the Social Security Administration (SSA) the last of February (March 31st for electronic filing) each year. What does it mean for employers if that reporting date is moved up to January 31 every year? (more…)
Posted in: IRS and Tax forms, News
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As an ambitious entrepreneur, interested in launching your own small business, The Payroll Department understands that you have a lot on your mind. As you make big decisions about the future, there’s a lot to consider. You’ve got to mull over the possibilities involving location and leased space for your workspace, logos, employees and training needs. You’ve got to juggle so many different scenarios just to somehow assure yourself success. But did you know that when small business owners fail, one of the reasons is frequently traced to taxes and payroll mistakes? These are the top reasons small business owners find themselves in hot water, heated directly by the flames of the IRS: (more…)
Posted in: IRS and Tax forms, Payroll Taxes
Leave a Comment (0) →Small businesses often do a great job of making good use of a limited number of employees. Tasks may be shared among several employees or delegated to someone who has other responsibilities. It’s common that employees are often asked to wear several different hats. While this is just reality for a small business working with limited employee resources, it can sometimes create problems, and in no area is this more troublesome than in payroll. Let me explain. (more…)
Posted in: Payroll, Payroll Processing
Leave a Comment (0) →The IRS recently published data saying they handed out 6.8 million fines to U.S. employers as of the end of September, 2013, because of botched payroll taxes. According to an article in The New Entrepreneur, these penalties amounted to $4.5 billion that employers owed the government. (more…)
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