Accounting Archives - Palmetto Payroll Solutions

Accounting Payroll Processing Payroll Tax Responsibilities Small Business

How to File Required 1099 Reports Electronically

The Internal Revenue Service (IRS) requires employers to provide a 1099 income reporting form for all independent contractors who earned more than $600 in a calendar year. Starting in 2020, the IRS required employers to select one of two types of 1099 forms rather than defaulting to the 1099-MISC form used in previous years. If…

Palmetto PayrollAugust 2, 2021

Accounting Reporting Small Business

Your Fiduciary Responsibilities When Offering 401(k) Employee Benefits

The Internal Revenue Service (IRS) defines a fiduciary as a party that owes a duty of care to another party and must act in their best interest because of this. If your company offers a 401(k) retirement savings benefit to employees, the actions required to manage the accounts involve fiduciary responsibilities. This is true whether…

Palmetto PayrollJuly 16, 2021

Accounting Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Small Business Time Keeping

Receive The Maximum Benefits From Your Payroll Provider

Whether you are searching for a company to perform payroll services or have worked with the same provider for years, you need to ensure you are getting the most for your investment. This blog explores questions to ask your current or potential payroll provider to give you peace of mind that your company is receiving…

Palmetto PayrollJune 14, 2021

Accounting Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Small Business

Review Your Balance Sheet to Determine the Health of Your Business

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…

Palmetto PayrollApril 30, 2021

Accounting Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Small Business Time Keeping

Avoid These Common Payroll Mistakes to Save Money

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…

Palmetto PayrollMarch 15, 2021

Accounting Payroll Processing Reporting Small Business

State and Federal Minimum Wage Changes for 2021

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…

Palmetto PayrollFebruary 28, 2021

Accounting Outsourced Payroll Payroll Processing

Cost vs. Value of Outsourced Bookkeeping

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…

Palmetto PayrollFebruary 15, 2021

Accounting Small Business Taxes

Is Forming as an S-Corporation Right for Your Business?

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…

Palmetto PayrollJanuary 31, 2021

Accounting Outsourced Payroll Payroll Processing Payroll Tax Responsibilities

Want a Successful Year End? Start Preparing Now!

Both individuals and businesses have traditionally used the end of a year to take stock of what went right and what went wrong. They use this information to begin planning for the new year even before it officially arrives. One simple way to start the process is to focus on any changes your company must…

Palmetto PayrollDecember 16, 2020

Accounting Time Keeping

How to Choose the Best Time Software for Your Payroll Department

The start of a new year is always a good time for small businesses to consider upgrading their time software. With more employees working at home than ever before due to coronavirus, thousands of small business owners understand that they must have accurate and efficient time software. As a company that has provided payroll and…

Palmetto PayrollNovember 30, 2020

Accounting