Palmetto Payroll is your local source for payroll and back office operations for your business. We pride ourselves on customer service while implementing the very latest in technology and efficiency. Call us today we would love to hear how we can help. We assist more than 300 business owners meet their goals and we would love to help you too.
How healthy is your business? Fortunately, the answer to this question is as simple as looking at its balance sheet. According to the Small Business Administration (SBA), a company’s balance sheet includes its assets, liabilities, and each owner’s share of equity as of the date of preparation. The owner’s share of equity should be the…
President Joe Biden signed the first Covid relief bill of his new term on March 11, 2021. The new bill, worth $1.9 trillion dollars, is the sixth passed by Congress to address the economic impact of the COVID-19 pandemic on individuals and businesses. Named the American Rescue Plan Act (ARPA), the new bill incorporates some…
The Coronavirus Aid, Relief, and Economic Security (CARES) Act went into effect on March 13, 2020, after approval by both houses of Congress and the signature of President Donald Trump. The CARES Act included an employee retention credit as a means of encouraging employers to keep employees on the payroll in wake of the COVID-19…
Processing payroll manually opens your company to the risk of making common payroll mistakes that could cause a significant loss of revenue. From the Internal Revenue Service (IRS) imposing penalties to overpaying employees, these payroll mistakes are all too easy to make. We review some of the top payroll mistakes we see and how to…
If you operate a business in South Carolina, you should know about a proposed wage increase announced in the state’s General Assembly on January 12, 2021. Introduced in the South Carolina House of Representatives, the wage increase bill currently sits with the House Ways and Means Committee. The bill to increase the state’s minimum wage…
Are you overwhelmed with spreadsheets, budget reports, and other necessary but time-consuming functions of your business? Maybe you have tried to find time in your day to complete these tasks yourself, but it just isn’t possible. Hiring an onsite bookkeeper isn’t feasible either because you just don’t have the budget for it. At the same…
The Internal Revenue Service (IRS) defines an S-Corporation as an organization that passes credits, deductions, income, and losses through to shareholders for federal tax filing purposes. The shareholders of S-Corps then report income and losses for the business on their personal tax return. One of the biggest benefits of forming S-Corps is that it allows…
Let’s face it, 2020 was a difficult year for everyone. Maybe your company had to send some or all of its employees home to work to help control the spread of the coronavirus. Between the sudden upheaval and financial uncertainty, America’s workers are under stress like they have never seen in the past. The best…
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