You trust your employees and want to help them in times of need. In some cases, that may mean extending to them a payroll advance. However, trust is a two-way street. While you want to be helpful, you also want to trust that your employees will pay you back. What is the best way to […]
When you work as an employee, things are simple; receive a paycheck and file your taxes at the end of the year. When you own a business, compensation becomes more complicated. How should you pay yourself as an owner? Let’s discuss four important questions to help you decide. What is your business type? Depending on […]
You love having a team. When it comes time to pay them, it’s another story. Let’s face it – doing payroll is not fun. Cutting paychecks, paying federal and state payroll taxes, preparing and filing employment tax returns, managing benefits…it’s a dizzying array of tasks to keep track of! You may be wondering, is it […]
You may never have given too much thought to the saving of your payroll records. There will be many times that you need them. Here we will share with you our recommendations regarding the saving of your payroll records. We’ll consider the answers to these questions:. Why should you save your payroll records? When should […]
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA). This law brings changes to the Paycheck Protection Program (PPP) that PPP loan borrowers should be aware of. PPPFA changes the amount of funds to be spent on payroll to 60% The PPFA reduces the amount of the loan […]
In a previous blog, we outlined a provision from the IRS to offer employers Payroll Tax Deferments as part of the Coronavirus Aid, Relief and Economic Security Act (CARES Act). Another recent provision made available through the IRS is the Employee Retention Credit. Here we will discuss the particulars on this type of relief. What […]
Many small businesses are applying for economic assistance through either EIDL or PPP loan programs. However, it seems that getting approval for these programs is taking longer than anticipated. What are some other ways that small business owners can get more immediate relief? As part of the CARES Act, employers can seek deferment of certain federal payroll […]
A common question from our clients is how to determine if a worker should be considered an employee or a contractor. Typically, this issue comes up in the process of setting up a new business. Let’s explore some differences between employees and contractors to help you classify your workers properly. Why it matters Employees can […]
We are going to zero in on six different challenges that affect almost all business owners at some point in time. This will be an ongoing series called Challenge Accepted. Over the next couple of months, we will discuss each challenge and give you some ideas and solutions for each challenge you encounter. Here is […]
We are continuing our series on those in the trades – specifically construction – and one area that those in the trades have special consideration is payroll. Payroll can feel hard. We get it. In the construction field, there are other factors to consider such as where your employees are, what jobs they are working […]
