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small business accounting

overtime requirements
Understanding Employee Overtime Requirements as a Small Business Owner Human ResourcesOutsourced PayrollPayroll ProcessingPayroll Tax ResponsibilitiesReportingSmall BusinessTime Keeping

Understanding Employee Overtime Requirements as a Small Business Owner

Under federal labor laws, employees classified as hourly satisfy their overtime requirements after working 40 hours in one week. While working overtime, employees must receive one and one-half times their normal hourly salary. This sounds simple enough on the surface, but small businesses often find themselves facing fines and other legal consequences because they do…
Palmetto Payroll
September 2, 2021
How to File Required 1099 Reports Electronically AccountingPayroll ProcessingPayroll Tax ResponsibilitiesSmall 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 Payroll
August 2, 2021
small business accounting
The Importance of Keeping Accurate Records for Your Small Business AccountingSmall Business

The Importance of Keeping Accurate Records for Your Small Business

For many small business owners, creating and maintaining an accurate recordkeeping system is one of their least favorite parts of the job. However, they also know that it’s crucial to their ongoing success. Whether you’re a one-person operation working from home or you have already hired a handful of employees, we urge you not to…
Palmetto Payroll
April 30, 2020