Payroll. It is probably a business owner’s least favorite part about operating a business. But why is this the case? Well, there are a handful of reasons. We like to think that there are 5 big topics that scare a business owner or HR manager when they think about the
Common IRS Notices As a business owner, receiving a letter in the mail from the IRS can seem like a bad thing. You may immediately think that you are being audited, you made a mistake on your payroll taxes, or that you owe thousands of dollars in penalties and fines.
IRS increases standard mileage rate for 2023 Employees are facing rising gas prices and an increased cost of living across the country. To help combat this, the Internal Revenue Services (IRS) has increased the standard mileage rate for 2023. Let\’s take a look at what the new rates for 2023
Common W-2 mistakes to avoid Every business that has at least 1 employee has to provide an IRS Form W-2 to each of its\’ employees. The W-2 reports employees\’ annual taxable wages and the amount of payroll taxes withheld from those wages. Inaccuracies or errors on these forms can result
What to do with manual or voided checks When running a business there may be times when you will need to manually write an employee a check. This is especially true for small businesses. If this happens, it is important you know what to do with those manual or voided
Final paystubs versus W2s Year end is fast approaching, which means it is almost time for employees to receive their final paystubs of the year. In addition to final paystubs, employers must provide a W2 to each employee by January 31st. But, are final paystubs and W2s the same? Let’s
What is PFML? Your employees may encounter a situation where they have to take time off from work to care for, or deal with, a medical situation. As an employer, are you allowed to terminate an employee after a certain period of missed time? Are you required to pay employees
IRS Contribution Limits for 2023 Each year, the Internal Revenue Service determines if the contribution limits for things like retirement plans and health savings will increase. Based on cost of living adjustments, the agency recently announced increases to most of these contribution limits. Let’s take a look at the new
2% S Corp Health Insurance Each type of business is treated differently when it comes to the IRS. For example, owners of a S Corporation that offer health insurance must be aware of the 2% shareholder rule. Continue reading for more information on 2% S Corp health insurance. What is
Eventually, almost all employers will need to provide reimbursement to an employee for a business expense. Employers need to know how to handle these reimbursements. One compliance challenge is whether or not a business needs to withhold proper payroll taxes on the expense. Let’s answer the question, are expense reimbursements