Small Business 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

Human Resources Outsourced Payroll Payroll Processing Small Business

Human Resources Trends and How They Can Impact Your Business

The year 2020 was like no other due to the COVID-19 pandemic. Now that much of the country has returned to normal, those in human resources management are discovering that some trends that emerged during the pandemic are here to stay. We outline some of three of these trends below. Virtual or Hybrid Working Arrangements…

Palmetto PayrollJune 28, 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

Human Resources Outsourced Payroll Payroll Processing Payroll Tax Responsibilities Small Business

Outsourcing Payroll Brings a Quick Return on Investment

Small and mid-sized business (SMB) owners often feel caught between a rock and a hard place when it comes to payroll. On the one hand, the task is taking up too much staff time. At the same time, owners of SMBs may worry about the cost of outsourcing payroll and entrusting another party with the…

Palmetto PayrollMay 30, 2021

Company Culture Employee Onboarding Human Resources Small Business

Recruitment Strategies For Small Businesses in 2021

Recruiting, hiring, and onboarding new talent will look different in 2021 than it did even a year ago. The increase in permanent remote working arrangements, massive unemployment followed by a labor shortage, and ongoing workplace disruption are just some of the challenges that today’s small and mid-sized companies face. Recruitment strategies that worked in the…

Palmetto PayrollMay 17, 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

Payroll Processing Reporting Small Business Taxes

How the Latest Covid Relief Bill Impacts Small Businesses

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…

Palmetto PayrollApril 15, 2021

Reporting Small Business

What All Employers Need to Know About the 2021 Employee Retention Credit

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…

Palmetto PayrollMarch 31, 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

Small Business