Archive for Rules, Regulations and Laws
Employees need to feel valued and appreciated by employers. When you give your employees achievement awards, celebrating specific milestones in safety or length of service, you’re recognizing their efforts, which, in turn, fosters your employees’ desire to excel in their jobs and continue working at your company. However, employers need to be careful in their award gift selections. (more…)
Just last month the Office of Child Support Enforcement issued a memorandum regarding the Uniform Interstate Family Support Act (UIFSA) (2008) and Hague Treaty Provisions. State agencies who administer the Child Support Enforcement Plan are aware that each state must enact amendments to UIFSA to integrate the provisions of the Hague Treaty. (more…)
Understandably, many small business owners tighten their belts every chance they get. So in the discussion of whether or not to outsource payroll, some entrepreneurs have a knee jerk reaction and immediately say no. Is that really the wisest choice?
In a recent taxation survey of 1500 small business owners, the National Small Business Association learned that 60% of small business owners handled payroll in-house while the other 40% chose to outsource. Those who choose to keep up with these responsibilities in-house don’t often understand the laborious efforts required of them. As a small business owner, you can expect to spend a minimum of six hours each and EVERY month on this task.
That six hours each month is required only for the paperwork. Constantly researching whether tax regulations have changed since your last payroll are not included in that six hours. When you really look at how much time you are devoting to payroll, you will discover that the amount of time adds up to nearly two weeks of time each year.
But as we are all aware, figuring hours and writing payroll checks are not the only tasks in the payroll chore. The Payroll Department reminds you of these additional responsibilities included in this very important part of small business success:
If all you had to do was write a check, it would be easy. But payroll is more – much more – and if you make a mistake it is a costly mistake. Errors could actually jeopardize the viability of your small business.
So the next time you are thinking about outsourcing payroll to a payroll provider like The Payroll Department, don’t forget all these points. Contact Teresa Ray at The Payroll Department to find out how a payroll provider can actually help you move your business forward.
-Sherri of The Payroll Department Blog Team
As a small business owner, wouldn’t it be nice if payroll taxes just stayed the same from one year to the next? You would know what’s expected of you and how to manage your company’s payroll taxes every year. Unfortunately, that’s just not the case. As of January 1, 2015, the government has made some FICA tax changes that employers need to be aware of since these changes will affect your company’s ability to accurately process your payroll. (more…)
Most small business owners know that they need to distribute their business’s 2014 W-2 forms to their employees before the end of January. But did you know that you also need to supply other year-end employee notices, too?
Annually, you should review all requirements concerning Federal and state employee notification reports, especially those containing supplemental tax information for your employees. You should prepare and distribute any mandatory reports to your employees to help them fulfill their personal tax filing obligations. Some mandatory notices that you’re required to provide to your employees include:
Besides mandatory employee notifications, you also should consider processing and distributing other reports that may be helpful to your employees in completing their taxes as well.
If you need help identifying all of the mandatory and optional employee notifications your small business should make, contact The Payroll Department at 317-852-2568. By engaging the services of a professional payroll services provider, we’re your experts in all things concerning your payroll.
– Ariane of The Payroll Department Blog Team
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