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Posts Tagged small business and payroll taxes

Proposed Payroll Tax Reporting Deadline Change Puts Pressure on Employers

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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7 Payroll Pitfalls for Small Business Owners

7 Payroll Pitfalls for Small Business Owners

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

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Who Can You Trust…With Your Payroll?

Many small businesses find that hiring a payroll company to manage payroll responsibilities is a great way to make efficient use of their employees, ensure duties are handled correctly and promptly and often enjoy an overall savings of time and money. But handing off that important responsibility is a really big decision. No business owner should make the decision lightly since the business owner remains legally responsible even when delegating these duties to a payroll service. So how can you evaluate a payroll service to be sure that they are worthy of your trust? Here are a few questions that you want to ask: (more…)

Posted in: News, Operating a Small Business, Payroll Processing

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Employers Paid $4.5 Billion in Payroll Tax Penalties

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…)

Posted in: IRS and Tax forms, Payroll, Payroll Taxes, Rules, Regulations and Laws

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Is Payroll a Ticking Time Bomb in Your Business?

At one time or another, every small business owner begins to feel like a circus juggler. Before they call on The Payroll Department, they try to stay in the know about employee training and performance, customer service, production and cash flow. For those entrepreneurs who are just starting out, they find themselves serving as the office decorator, plumber and housekeeping crew. (more…)

Posted in: IRS and Tax forms, Payroll, Payroll Processing, Payroll Taxes

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Understanding the Taxability of Fringe Benefits

I’d like to think that most business owners truly want to have employees who feel appreciated and are generally happy with their jobs and their compensation.  Happy employees generate a positive work culture which is contagious, spreading not only among employees but also to customers and clients as well.  (more…)

Posted in: Benefits and Health Care, Payroll, Payroll Taxes, Rules, Regulations and Laws

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3 Reasons Small Business Owners Should Outsource

Why would you outsource something as seemingly simple as payroll processing? I hear that question when the topic of outsourcing comes up. The reason to outsource comes down to essentially one of three important points: (more…)

Posted in: Operating a Small Business, Payroll, Payroll Processing

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Small Business Benefits from Outsourcing Payroll to the Professionals

We have all heard that old saying about doing everything correctly most of the time. But the one time we make a mistake that certain slip-up seems to be what people remember much more frequently than all the other moments that were perfect. As business owners, most of us have learned the hard way that this old saying rings true. (more…)

Posted in: Payroll, Payroll Processing

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Changes Made by the IRS May Affect 2014 Payroll

How well do you keep up on regulations that affect small businesses?  Are you aware of the changes that have been made regarding 2014 payroll taxes?  Maybe you enjoy reading tax regulations in your spare time.  Maybe you can’t wait to see the latest income tax withholding tables.  Or maybe not. (more…)

Posted in: IRS and Tax forms, Payroll, Payroll Processing, Payroll Taxes

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Tips to Ponder BEFORE Starting a Small Business

Knowing that many small businesses fail, entrepreneurs must have their business model, and goals and objectives very carefully organized and decided before venturing into the world of small business.

No matter how passionate you might be, very often the cards can be stacked against you. That is why it is imperative to leave your ego at the door. Sit down with yourself or your business partners and very honestly discuss each others’ strengths and weaknesses. (more…)

Posted in: Operating a Small Business, Payroll, Payroll Processing, Payroll Taxes

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