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NEW Form W-4 for 2020

NEW Form W-4 for 2020

On 12/5/19, the Internal Revenue Service (IRS) issued a new form W-4 for 2020.  The form was retitled Employee’s Withholding Certificate and has been designed to make accurate income tax withholding easier for employees.  Some of the key points that employers should note are as follows:

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Posted in: IRS and Tax forms

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New Rule: Defining the “Regular Rate” of Pay under FLSA

New Rule: Defining the “Regular Rate” of Pay under FLSA

The U.S. Department of Labor (DOL) has issued a final rule that will take effect on January 15, 2020, with regards to what is considered the “regular rate” of pay for nonexempt employees with regards to the calculation of overtime in accordance with the Fair Labor Standards Act (FLSA).  Currently, the FLSA states that the “regular rate” for all nonexempt employees must include most nondiscretionary bonuses, shift differentials, on-call pay, and commissions, among other items, in the calculation of overtime.  Most employers were not sure if certain perks, e.g. gym memberships, longevity pay, parking benefits, etc. when paid for by the employer on behalf of an employee, had to be included in the “regular rate” of pay when calculating overtime, so the DOL has now defined what needs to be included and what does not.  The rule now clarifies that employers may exclude the following perks from the “regular rate” calculation:

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Posted in: Payroll

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5 Most Important HR Terms for Small Business Owners to Know, Understand, and Use in Their Business

Ask any business owner what one of the top challenges they have in running their business and, by far, HR or people will be in the top of responses you get. Business owners say that doing the work of their business is the easy part but people, and dealing with all the things that surround people as employees, is difficult. That being said, if you can master the following five HR terms, understand and utilize them, you might find the challenges a little less stressful. (more…)

Posted in: Operating a Small Business, Payroll

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Do You Know the Difference between Bookkeeping and Accounting?

When most small business owners think of the terms bookkeeping and accounting, they often use them interchangeably. While it’s true both bookkeeping and accounting are important in the management of your company’s finances, some key differences between the two functions do exist. Therefore, business owners need to understand the roles of each and how they work together to ensure your company’s success. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Healthy Business Competition Might be the Best Thing for Your Company

Knowing how to stay ahead of the curve and keep your business successful often comes down to a few simple rules. Once you understand that business competition isn’t inherently a bad thing for your company, it’s a lot easier to adjust your tactics so you not only feel better at the end of the day, but that your bottom-line shows improvement, too. (more…)

Posted in: Human Resources, Operating a Small Business, Payroll Processing

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How to Hire the Right Way for Your Business

Hiring for small business owners is a huge step. Adding one more expense, and one that is a high responsibility to another person or family, is a step that is not taken lightly by business owners. Often there are months of deliberation, thoughts, and prayers that go into the final decision to hire a new employee. With that high level of seriousness, what steps can a business owner take to ensure they place the best person in the role that best suits them and the company? Here are 3 Steps to making sure you on the right track in hiring your next new employee. (more…)

Posted in: Operating a Small Business, Payroll

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3 Bookkeeping Solutions for Non-Tech Business Owners

Congrats! You’re a small business owner who has turned your passion into a profitable business. Every day, you get to work on something you love. That’s what most business owners strive for. But running a business also comes with a long list of to-do tasks that you may not love doing. However, these tasks must be done to keep your business successful and growing. Bookkeeping is often cited as one of these least favorite tasks by business owners. (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business

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Overtime Sounds Like It Is So Simple – Until You Get Sued

Here’s a stumper for you: What do Arsenio Hall, Lady Gaga, Britney Spears, and Lars Ulrich all have in common? If you don’t know Lars Ulrich, he is the drummer for the band, Metallica. Now, go ahead, what’s your guess about them all? Give up? The answer is that they have all been sued for violations of the Fair Labor Standards Act (FLSA), primarily for failing to pay appropriate, or accurate, overtime wages. What does that mean for you? (more…)

Posted in: Operating a Small Business, Payroll, Payroll Processing, Rules, Regulations and Laws

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Is a Dependent Care FSA (DCAP Flexible Spending Account) Right for Your Employees and Business?

No doubt about it, expenses always seem to be going up. Employers know that their employees are tightening belts and are looking for ways to help even if significant pay raises aren’t in the current budget. For employees with families and dependent care expenses, there is a benefit some employers can offer, at least for the moment, and that is the Dependent Care Flexible Spending Account (FSA). (more…)

Posted in: Benefits and Health Care, Employee Benefits, HR Rules, Regulations and Laws, Human Resources, Operating a Small Business, Payroll, Payroll Processing, Rules, Regulations and Laws

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Handling the Limitations of Payroll Software

If your small business employs workers, you must have a reliable payroll system. If your company only has a few employees, you may be able to get by with a manual payroll process. However, once your business starts to grow, you may decide to use payroll software to handle your payroll tasks. (more…)

Posted in: Operating a Small Business, Payroll

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