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Archive for Operating a Small Business

Understanding Employer Contributions to 401(k) Plans

As an added benefit, many small businesses choose to offer an employee retirement plan, such as a payroll deduction IRA, a SIMPLE (Savings Incentive Match for Employees) IRA or a traditional 401(k) plan to their employees. While there is no law requiring companies to contribute to the retirement plan (with the exception of Simple IRA and SEP IRA plans), many employers do choose to make contributions because it’s an effective tool for hiring and keeping top-quality employees. Also, businesses receive a tax benefit for contributing to employees’ 401(k) accounts.

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Posted in: Operating a Small Business, Payroll, Payroll Processing, Retirement plans

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Make Fall the Time for All Employees and Employers to Review Retirement Plan Funding

For all entrepreneurs, employers and employees, it seems there are more responsibilities on their shoulders than ever before – and nothing feels simple. One of those responsibilities is retirement plans and funds. With the variety of options available, retirement issues are anything but simple – but oh, so very important. (more…)

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

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Entrepreneurs Stay Serious about Payroll Taxes

When it comes to payroll, and payroll taxes, business owners have a lot of questions:

  • Who’s actually responsible for payroll taxes being paid?
  • I have a payroll provider, but how do I know taxes are being paid on my behalf – in full and on time?
  • If the taxes don’t get paid, who does the IRS come looking for?
  • Is there any legal recourse if the taxes haven’t been paid? Is the government lenient in these situations? (more…)

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

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Important New Affordable Care Act Deadline Affects Employers

Have you been holding off dealing with Affordable Care Act because it doesn’t become effective until January 1, 2014? If so, we have some very important information that not only you, but your network must know before October 1, 2013! (more…)

Posted in: Employee Benefits, News, Operating a Small Business

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Worried About Hiring Workers?

One of the most difficult decisions for a small business owner is hiring employees. It’s not just finding the right person for the position or wondering if the company is financially ready.

No, one of the biggest fears is the knowledge that the company has to follow federal, state and local labor laws; unemployment insurance (SUTA), social security and Medicare (FICA) and the income taxes and all the rules around that. It’s a scary proposition, that’s for sure. (more…)

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

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What You Need to Know About Small Business Payroll Taxes and Reporting

When Indiana Department of Revenue (IDR) tells you money is owed, it would be natural to assume that you owe it. But did you know that it’s possible with the volume of payroll tax returns (WH-1’s) that state departments of revenue get, it’s not uncommon that mistakes may and can be made? Are you or your payroll provider keeping track of your small business taxes?

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

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Employee Retirement Plans – Importance of Timely Deposits

Offering your employees a retirement plan, such as a payroll deduction IRA, a SIMPLE (Savings Incentive Match for Employees) IRA or a traditional 401(k) plan, can be a great employment benefit for your employees and your business. However, a retirement plan also requires certain responsibilities – including timely deposits of employee contributions. That is one reason entrepreneurs without a human resources department look to The Payroll Department to provide payroll services.

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

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Misclassified Workers Can Be Costly For Your Business

Most of the time if a business owner makes a wrong call or a mistake in his business; it can be fixed or smoothed over relatively easily. That isn’t the case when making an error in classifying a worker as an employee or an independent contractor. Just like every other choice has a consequence, choosing the wrong worker classification can have dire financial consequences for your business. That is one reason to use a payroll service for your company.

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

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