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IRS Issues New Withholding Guidelines for Payroll Taxes

The Internal Revenue Service (IRS) has issued the new (percentage method) payroll withholding tables for 2018 along with notification that the W-4 Form is in the process of being updated to reflect the new tax law. For the moment, no new form is required and employers should retain the existing forms for all employees. In addition to recalculating the new payroll tax deduction, there are a several other changes for employers to consider. (more…)

Posted in: IRS and Tax forms, Payroll, Payroll Processing, Payroll Taxes, Rules, Regulations and Laws

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Worried about the Changes in Payroll Taxes?

At this particular moment in time, it doesn’t matter which side you fall on for the new Tax Cuts and Jobs Act passed in late December, 2017, it will have an impact on both your personal finances and your business’s financial situation.

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Posted in: IRS and Tax forms, Operating a Small Business, Payroll, Payroll Taxes

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How Long Should You Keep Your Business Tax Records?

Every year, as your small business files its taxes, your company is left with stacks of paperwork. You may shove it into a filing cabinet or a storage box. However, eventually, you may wonder: How long do I need to keep these tax records?   (more…)

Posted in: Bookkeeping and Accounting, HR Rules, Regulations and Laws, IRS and Tax forms, Operating a Small Business, Payroll Taxes, Rules, Regulations and Laws

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New Form I-9 has January 21, 2017 Deadline

It’s that time of year, isn’t it? I’m not talking about holidays and festivities, I’m talking about getting ready to close out the year and get ready for the new one. (more…)

Posted in: HR Rules, Regulations and Laws, Human Resources, IRS and Tax forms, Payroll, Policies and Procedures, Rules, Regulations and Laws

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Retirement Benefits Come from Employment and Payroll

In today’s world where so many workers have lost their pensions, there is one employer who has remained steadfast in meeting their pension commitments – the United States government. As of an August, 2016 article in the USNews.com, there was still one beneficiary receiving benefits from a Civil War pensioner. (more…)

Posted in: IRS and Tax forms, Payroll, Payroll Processing

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Could You Handle Different State’s Payroll Taxes and Regulations?

I was really excited for a colleague who got a big contract that was going to expand his company this year. He was excited because his small business would no longer be just a local business, but would now be a business that worked nation-wide. We celebrated with a congratulatory lunch. It wasn’t but a couple of weeks later that he called and was obviously down. I was afraid he’d lost the deal. But no, he said it was worse – it was about payroll taxes. (more…)

Posted in: IRS and Tax forms, Payroll, Payroll Processing, Payroll Taxes, Rules, Regulations and Laws

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Honest, It Was Just a Mistake

It was just a mistake. Those are awful words – and impactful words – especially when it comes to financial aspects of a small business. And when it applies to payroll, payroll taxes and the IRS, those words could mean the end of a small business. (more…)

Posted in: IRS and Tax forms, Operating a Small Business, Payroll, Payroll Processing

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Legislation Can Change Everything … At Any Time

You never know when new legislation might be passed, turning your small business’s life upside down.  Just when you think you have things figured out and your business is on the right track, the government can decide that you need to change the way you operate.  Small business owners in New York are currently facing a scenario in which proposed legislation threatens to change the way they will be allowed to pay their employees. (more…)

Posted in: IRS and Tax forms, Payroll, Rules, Regulations and Laws

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So You think Handling Your Own Payroll is Easy?

As if payroll itself wasn’t complicated enough, there are IRS reporting deadlines and deposit schedules to comply with as well. And, to make things ever more interesting, it can change depending on how your payroll changes through the year. How can a small business owner keep up with it all? (more…)

Posted in: IRS and Tax forms, Payroll, Rules, Regulations and Laws

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Employee Bonuses, Awards and Fringe Benefits: What Employers Need to Know

Many small business owners (SBOs) think they don’t need to have a human resources or payroll department. They think they can handle all of the HR and payroll paperwork themselves. The problem is, not having a payroll department means these employers are taking on a considerable financial risk. (more…)

Posted in: IRS and Tax forms, Payroll, Rules, Regulations and Laws

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