Learn how to control payroll costs, including Unemployment Insurance, a significant part of a company’s total cost of doing business.
The Internal Revenue Service has provided guidance on the increase in the monthly “Excludable Transit Benefits”. The amendment is effective retroactively beginning on January 1, 2012 and extending through December 31, 2013. Employers should ensure the amount of taxable income and wages reported on 2012 Forms W-2s furnished to their employees and filed with the […]
There are important differences between employees and independent contractors, and it is the responsibility of employers to correctly differentiate between the two; or risk an IRS audit and potential penalties. These penalties include back taxes when it is determined that employers misclassify workers as independent contractors rather than employees. To support whatever classification an employer […]
For many small business owners with few employees, the approach to time and attendance systems can be somewhat haphazard. Because you know your employees well – and they know you well – it seems like a low-maintenance manual system of tracking time and attendance should work. While there is nothing wrong with trusting your employees […]
For most small business owners, growing a business means hiring employees. When you hire, it’s not only important to find the right employee, but you must also comply with a number of federal, state and local employment laws. Not every law applies to every business fortunately; however, there are many laws, especially on the Federal […]
With 2013 just underway, many small businesses may need to either implement or rethink the performance appraisal process as part of the business planning process. Without a well-thought out employee performance appraisal system, employers and employees alike may feel unclear about goals and processes; a situation that isn’t likely to increase either individual employee or […]
There are many steps involved in any hiring process. The start of the procedure is determining that the business needs an employee, then creating a job description, interviewing, legal considerations, and finally the actual hiring of the employee. But the process shouldn’t end there. There should also be an orientation for new employees. An orientation […]
Running an efficient payroll, whether a small business or a major conglomerate, can be the difference between the success and failure of a business and its cashflow. Keeping track of employees, tax requirements, and work hours can be a nightmare requiring a small army of accountants, but thanks to advances in software, this needn’t be […]