Although we aren’t yet halfway through 2020, it’s not too early to prepare for filing your business tax return in 2021. The earlier you prepare and file, the less likely you are to make a costly mistake or even miss the tax filing deadline altogether. Below are several payroll tips we have offered to other…
The United States Department of Labor created the Fair Labor Standards Act (FLSA) to help regulate issues that arise between employer and employee. One of these is a tax deduction to offset the cost of employee uniforms. Because the FLSA considers uniforms a primary benefit to the employer, it doesn’t allow businesses to include the…
According to the Internal Revenue Service (IRS), just under one million businesses paid a penalty for problems related to the company’s annual tax return and approximately six million paid fines related to payroll taxes. Although the issue hasn’t improved much in the past three years, that doesn’t mean your company needs to waste money on…
The payroll process involves much more than just adding up an employee’s work hours and determining the amount of his or her paycheck for the period. You must also withhold payroll taxes along with any voluntary withholdings the employee authorizes such as premiums for health insurance. Additionally, the Internal Revenue Service (IRS) and state governments…
Calculating the deductions from each employee’s monthly wages is not as straightforward as it might seem. It requires extreme accuracy and attention to detail to perform correctly. Unfortunately, the Internal Revenue Service (IRS) has little tolerance for mistakes and could penalize your company with significant fines for reporting incorrect information or failing to make timely…
As a small business owner, both federal and state governments require you to withhold certain deductions from employee paychecks and submit them on a quarterly basis. For the federal government, you must withhold funds to pay the employee’s federal, Medicare, and social security taxes. You determine federal tax by the amount the employee earns as…
As the first quarter of 2018 winds down, many business owners find themselves still trying to make sense of tax laws that Congress passed at the end of 2017. These new rules mainly affect small businesses and pass-through entities. Before we discuss the specific changes, it’s important to understand each type of business structure. They…
Soon 2017 will be another year for the history books. Some business owners look forward to year end because it’s an opportunity to implement changes and others dread it because they know it will soon be time to file a tax return. No matter where your sentiments lie, all business owners can benefit from year…
Digital onboarding is a type of framework that is designed to help market and grow your business. With the latest advancements in technology, more businesses are taking advantage of the internet and are finding effective ways to reach new potential clients, and keep in touch with existing ones. They are often creating an entirely new…
Tax time is here again, and you know what that means: cyber criminals are lurking, trying to use the confusion of the season to their advantage. The scary part is: they’re succeeding. Between phishing emails and aggressive phone tax scams, criminals have stolen billions of dollars from well-meaning citizens and business owners who are just…
Get our informative whitepaper "7 things every business owner should expect when outsourcing payroll"
Download Now
© 2020 Palmetto Payroll Solutions. Powered by 