The Entrepreneur’s Corner



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.

Jeff Crook is the vice president of PayTime Inc., a payroll provider founded in 1993 and located in Henrico County. He is a 2001 graduate of the University of Richmond and resides in Henrico County with his wife and daughter. Contact him at .(JavaScript must be enabled to view this email address) or (804) 612-2803.
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Earnhardt gives Redskins a ride


Dale Earnhardt Jr., driver of the Hendrick Motorsports No. 88, stopped at Richmond Raceway Aug. 8 in advance of the track’s NASCAR weekend in September. He was joined by five players from the Washington Redskins, who were in town for the team's training camp, which concluded Aug. 14. The day in Richmond gave Earnhardt and the Redskins players an opportunity to see how the athletes compete in their respective sports. > Read more.

READ Center a finalist for $25k grant


The READ Center is a top-200 cause finalist in State Farm’s Neighborhood Assist program, making it eligible to earn a $25,000 grant to support adult literacy in the Richmond region. The 40 organizations from across the nation with the most votes will win grants.

The READ Center, based in Henrico, provides classroom instruction and one-to-one tutoring to adults with very low literacy. > Read more.

Henrico County property transactions, Aug. 1-6


A sample of property transactions during this period appear below:

1847 New Market Road – $137,000, 1,659 SF (built in 1935), from Philip J. Whiteway, III and Donna H. Whiteway et. al to David T. and Katherine W. Benckert.
6304 Trailing Ridge Court – $165,000, 1,246 SF (built in 1999), from Carol A. Allen to Sandra R. Jefferson.
1722 Devers Road – $169,950, 816 SF (built in 1949), from Heather K. Brunner to Kasey A. Sheridan and Jason Talbot.
3201 Purvis Road – $175,000, 2,051 SF (built in 1997), from Geneva Moore LLC to Jessica I. Bolling. > Read more.

Glen Allen wins 2 of first 3 games at 14U Babe Ruth World Series


The host Glen Allen 14-year-old all-star baseball team won two of its first three games in pool play at the 14-year-old Babe Ruth World Series, which is it hosting at RF&P Stadium in Glen Allen. The team beat the Midwest Plains champions, 9-4, in its first game Aug. 10, then topped the Southwest champions, 7-3, Aug. 11 before dropping a 5-4 result to the Ohio Valley champions. > Read more.

Filipino Festival draws thousands


Thousands of attendees visited the annual Filipino Festival at Our Lady of Lourdes Church in Lakeside Aug. 11-12, enjoying native foods, entertainment, clothing and commemorative items and much more. > Read more.

Henrico Business Bulletin Board

August 2017
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Lewis Ginter Botanical Garden will present Flowers After 5 on Thursday evenings through September. Stroll through the gardens and enjoy live music from Dance Candy, as well as family activities, wine and beer, dining and shopping. Lawn chairs and blankets are welcome. The Garden partners with the Richmond SPCA on the second and fourth Thursdays of the month for Fidos After 5 where leashed pets are allowed. Admission is $8 to $13 or free for members. For details, visit http://www.lewisginter.org. Full text

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