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Understanding Fringe Benefit Taxability

Fringe Benefit Taxability: Everything You Need To Know To Keep Your Company Compliant Think that you've got a firm grasp on your company's corporate tax responsibility for the past year? As the end of the year approaches, it's common for business owners to begin thinking about putting together the needed data to compile the various employee documents for filing. While most entrepreneurs recognize that all their full-time internal employees with benefits will receive a W2 form, many don't realize that the total claimed on each W2 doesn't rely on salary alone. When compiling W2 forms for your staff members, it's critical to also consider fringe benefit taxability to ensure your staff members

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Starting A Business? Why It Pays To Hire A Payroll Processing Company

Starting a new business means managing a multitude of "moving parts." No matter what industry your fledgling company will operate in, chances are, you'll be tasked with a myriad of responsibilities as you work to build brand recognition and (most importantly) establish your consumer base. While starting a new venture is an exciting time for any entrepreneur, it can also prove challenging and, at times, even overwhelming. Yes, wearing many hats is simply part of doing business at a new company; however, straddling various job roles can leave ample opportunity for a critical corporate responsibility to fall through the cracks. For these business owners struggling to keep up with a mass of t

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Managing Changes In Human Resources | Overtime Policy

Managing Changes In Human Resources: Prepare For The New Federal Overtime Regulations Managing changes in Human Resources is a fine balance in the best of circumstances. With the United States Department of Labor (DOL) preparing to make significant changes in overtime exemption requirements, many companies are scrambling to prepare. Background In July 2015, the DOL published a set of proposed changes to the minimum wage and overtime regulations. The proposed changes, published in the Federal Register, include nearly doubling the minimum salary required for exemption, raising the annual compensation for exemption of “highly compensated” workers, and establishing a system of automat

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Avoid Common Mistakes With Payroll Processing Services

Running a small business often means trying to manage as many functions as possible. Entrepreneurs manning the helm of startups sometimes assume that the only way to get their business operations off the ground is to straddle as many tasks and responsibilities as possible. Unfortunately, this can often cause more inconvenience and more money than outsourcing the function to a seasoned and experienced provider. One common function often absorbed internally that can lend to future problems is payroll. Small to mid-sized business owners assume outsourcing these responsibilities to a payroll processing services firm will be too expensive. However, a seasoned and reputable payroll services fir

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CA & NY Minimum Wage

With California and New York implementing statewide plans for a $15 an hour minimum wage, we can expect other states and likely more cities to propose their own minimum wage increases soon. The push for a $15 minimum wage has been around for several years. Demonstrations in favor of it began in November of 2012, when fast-food workers in New York City walked off their jobs in protest of their low wages. While 29 states and the District of Columbia have minimum wages above the federal requirement, and several have passed significant increases in the last year or two, the federal minimum wage of $7.25 hasn’t been increased since 2009. Since then, it has lost close to ten percent of its purc

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Stop Waiting: Use Automated Online Payroll Services

Online Payroll Processing Means No More Waiting – For You Or Your Employees Working the back office at any business means one task that simply cannot get overlooked: payroll processing. Whether your organization pays weekly, bi-weekly, or even monthly, your payroll procedure not only needs to get done promptly, it also needs to get done properly. Unfortunately, agreeing with this philosophy and effectively executing it is often two very different things for business owners using a manual process to pay employees. Manually managing your employees' payments not only opens up the margin for errors, it also takes up invaluable time that your accounting staff may not have to spare. The resu

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Questions To Ask Payroll Processing Services

Sourcing Payroll Processing Services? Ask These 8 Questions First Tired of manually managing your company's payroll and HR services? Fortunately, you do have options. More and more businesses are outsourcing some (or all) of their back office responsibilities to professional payroll processing services. What To Know When Working Through A List Of Prospective Payroll Processing Services Providers Is your interest officially piqued? It's time to find a qualified payroll processing services provider worthy of your trust and capable of managing both your current and future needs. Knowing 8 key questions to ask when you glean through a list of prospective payroll processing services provid

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Effectively Vetting Payroll Companies

How To Successfully Vet Reputable Payroll Companies Payroll companies. At some point, most business owners consider using these third party providers to automate their payroll functionality. Minimizing manual errors, keeping your organization compliant, and assisting with benefit deductions are just some of the many advantages that payroll companies can deliver to your business. Carefully Screen Payroll Companies Before Making Your Selection Despite offering numerous advantages, many entrepreneurs still have not hired payroll companies to manage their internal functions. Why? They simply do not know how to find a quality provider capable of handling their specific corporate requirements.

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FLSA Exemption Changes – Policy and Practice Updates and the Golden Rule

Last month we discussed dealing with the pay issues surrounding employees who may not make enough to be classified as exempt under the new rules. The article can be found in the Articles section of the Support Center if you’re interested, and the corresponding FLSA Decision Making Guide can be found in the Guides section. But aside from figuring out how to reclassify employees while protecting your bottom line, you’ll also want to consider a number of policies and procedures that apply to non-exempt employees, and whether they should be updated or added to your employee handbook or other operating manual. Let’s take a look at a few of these key policies, keeping in mind the Golden Rul

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Common Payroll Services Misconceptions

5 Myths About Outsourcing Payroll Services Does outsourcing payroll services make sense for your business? Before you answer, arm yourself with the facts. Overworked business leaders often talk themselves out of utilizing this critical function based on misinformation. Five common myths associated with an outsourced payroll service include: We Are Too Small To Afford It This is possibly the most popular misconception surrounding accounting services. You are legally responsible for payroll tax compliance the moment you hire your first employee. Not only will you have to manage filing returns and distributing payments, you also must ensure that your process adheres to lawful requirements t

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