The Entrepreneur’s Corner
By Jeff Crook, Special to the Citizen 09/22/11
There have been enough changes to payroll processing and reporting over the last few years to make anyone’s head spin.
COBRA Credits, HIRE Act, the reduction of an employee’s share of Social Security from 6.2 percent to 4.2 percent, the elimination of payments at the bank with the 8109 coupons. The list goes on and on.
Fortunately, there are professionals out there who help guide small businesses through this maze of confusion – third party payroll providers.
Engaging a third party payroll provider can help mitigate risk of non-compliance while decreasing a small business’s overall cost in generating pay checks and originating direct deposits for its employees. In addition to calculating and originating payments to employees, third party payroll providers offer the following benefits:
• Ensuring the timely deposit of all payroll-related taxes;
• Ensuring the timely filing of all payroll tax-related returns, including W-2s and 1099s;
• Reporting of new hires to states;
• Processing of wage attachments such as garnishments, tax levies and child support payments;
• Calculating and reporting of paid time off and other benefits for employees;
• Securing and storing valuable employee and financial data.
Choosing a third party payroll provider to best fit your needs can be challenging, as there are numerous providers with reasonable pricing and generous service offerings. Check with the Better Business Bureau to be sure you choose one with a track record of excellent service and a commitment to keeping client interests first. Ask the third party payroll provider if it has an updated SAS-70 Type 2 Audit. This audit ensures that the proper internal controls are in place and tested with regularity.
The penalties for non-compliance in paying employees and their payroll taxes are substantial. Using a third party payroll provider can mitigate these risks and lower the overall cost of paying employees.
Citizen Staff Reports 03/23/2017 Business
ChamberRVA is seeking nominees for the annual IMPACT Award, which honors the ways in which businesses are making an impact in the RVA Region economy and community and on their employees.
Nominees must be a for-profit, privately-held business located within ChamberRVA's regional footprint: the counties of Charles City, Chesterfield, Goochland, Hanover, Henrico, New Kent and Powhatan; the City of Richmond; and the Town of Ashland. > Read more.
Cushman & Wakefield | Thalhimer announces the sale of the former Friendly’s restaurant property located at 5220 Brook Road in Henrico County. Brook Road V, LLC purchased the 3,521-square-foot former restaurant property situated on 0.92 acres from O Ice, LLC for $775,000 as an investment. Bruce Bigger of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller. > Read more.
Citizen Staff Reports 03/21/2017 Transportation
Work to repair a leaking water main or valve will require lane closures beginning at 8:30 a.m. Wednesday, March 22 near Gayton Road and John Rolfe Parkway.
Westbound Gayton’s left turning lane and left through lane will be closed. Westbound traffic will be shifted to the right through lane. Eastbound Gayton’s left through lane will be closed at John Rolfe. Eastbound traffic will be shifted to the right through lane. > Read more.
Citizen Staff Reports 03/21/2017 Health
HCA Virginia's Henrico Doctors' Hospitals recently was named one of the nation’s 100 top hospitals by Truven Health Analytics, a provider of information and solutions that support healthcare cost and quality improvement.
Henrico Doctors’ Hospitals consists of three community hospitals – Henrico (Forest), Parham, and Retreat Doctors’ Hospitals – and two freestanding emergency departments, West Creek Emergency Center and Hanover Emergency Center. Henrico Doctors’ Hospitals specializes in heart and stroke care, women’s health, oncology, orthopedics, urology, and behavioral health. > Read more.
Citizen Staff Reports 03/21/2017 Government
Henrico County Public Library is planning community meetings March 28-29 and April 1 to receive input from county residents on the design of a new Fairfield Area Library. Meetings will be held at the Fairfield Area Library, 1001 N. Laburnum Ave., and at the Eastern Henrico Recreation Center, 1440 N. Laburnum Ave.
Architects from BCWH, Inc. will join library staff for the meetings, which will feature discussions and seek ideas on spaces and services for specific age groups as well as designs for the entire facility. > Read more.
St. Joseph's Villa’s Flagler Housing & Homeless Services was one of three entities to earn the National Alliance to End Homelessness' Champion of Change Award. The awards were presented Nov. 17 during a ceremony at the Newseum in Washington, D.C.
NAEH annually recognizes proven programs and significant achievements in ending child and family homelessness.
Flagler completed its transition from an on-campus shelter to the community-based model of rapid rehousing in 2013, and it was one of the nation's first rapid re-housing service providers to be certified by NAEH. > Read more.
Richmond International Raceway's 13th annual Community Christmas tree lighting has been rescheduled from Dec. 6 to Monday, Dec. 12, at 6:30 p.m., due to inclement weather expected on the original date.
Entertainment Dec. 12 will be provided by the Laburnum Elementary School choir and the Henrico High School Mighty Marching Warriors band. Tree decorations crafted by students from Laburnum Elementary School and L. Douglas Wilder Middle School will be on display. Hot chocolate and cookies will be supplied by the Henrico High School football boosters. > Read more.
CAT Theatre and When There’s A Will director Ann Davis recently announced the cast for the dark comedy which will be performed May 26 through June 3.
The play centers around a family gathering commanded by the matriarch, Dolores, to address their unhappiness with Grandmother’s hold on the clan’s inheritance and her unreasonable demands on her family.
Pat Walker will play the part of Dolores Whitmore, with Graham and Florine Whitmore played by Brent Deekens and Brandy Samberg, respectively. > Read more.
- More News
Mar. 16, 2017Click here to read the print edition.
- More Entertainment
- More Obituaries
- More Community
- More Opinions
- More Sports
CalendarThe Children’s Clothing Closet at Highland Springs United Methodist Church, 22 N. Holly Ave., will be open from 10 a.m. to noon every Tuesday and from 4 p.m. to 6 p.m. every second and fourth Thursday of the month. Clothing is available in sizes infant through teen and is free. Clothes are located on the second floor and no elevator is available. Full text