The Entrepreneur’s Corner
The Benefits of a Third-Party Payroll Provider
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.
The Richmond West Breakfast Lions Club (based in western Henrico) recently donated 59 backpacks to the Westover Hills Elementary School on Jahnke Road.
Above, club members display some of the backpacks prior to their distribution. > Read more.
Thanks to a first-place win in The American Protege International Vocal Competition 2014, Glen Allen High School student Matija Tomas will travel to New York City to perform at Carnegie Hall in December.
At the first-place winners recital in Weill Hall, Matija will perform Giacomo Puccini’s opera aria, “Chi il bel sogna di doretta.” She will perform with other vocalists from around the world and have the opportunity to win other awards and scholarships.
Locally, Thomas has performed with Richmond’s renowned Glorious Christmas Nights, Christian Youth Theatre, and WEAG’s Urban Gospel Youth Choir. > Read more.
The John Rolfe YMCA and Gayton Baptist Church have partnered in an effort to bring greater health and wellness opportunities to the community.
Through this partnership, the John Rolfe Y will run Youth Winter Sports programs, including basketball and indoor soccer, in Gayton’s newly renovated $5.5 million outreach center that features a new gymnasium, youth and teen space, social space with café, meeting space and full service commercial kitchen. > Read more.
CAT Theatre will hold auditions for Book of Days on Sunday, Oct. 26 and Monday, Oct. 27, at 7 p.m. each day. Auditions will be held at CAT Theatre, 319 North Wilkinson Road in Henrico. Book of Days will run Jan. 23-Feb. 7 and is one of CAT’s submissions to the Acts of Faith Festival.
Book of Days, by Pulitzer Prize winner Lanford Wilson is an exploration of faith, justice, and corruption, amidst the backdrop of murder – and community theatre – in small town America. Book of Days was first written for and produced by Jeff Daniels Purple Rose Theatre Company of Michigan.
Director Leslie Cline is seeking five females between the ages of 20-65 and seven males between the ages of 24-65. > Read more.
CAT Theatre’s 51st season will open with Sherlock Holmes: The Final Adventure, which will run Oct. 24 through Nov. 8. The play is based on the original 1899 play by William Gillette and Sir Arthur Conan Doyle, and adapted by Steven Dietz, and was the winner of the 2007 Edgar Award for Best Mystery Play.
The story follows Holmes, whose career as the world’s greatest detective seems to have reached its end until he is confronted with a case far too tempting to ignore. When the King of Bohemia faces blackmail by famed opera singer, Irene Adler, Holmes and his companion Dr. Watson find themselves falling into the trap of evil genius Professor Moriarty. > Read more.
Find out how your favorite dining establishments fared during their most recent inspections by the Virginia Department of Health. > Read more.
- More News
Oct. 16, 2014Click here to read the print edition.
- More Entertainment
- More Obituaries
- More Community
- More Opinions
- More Sports
ClassifiedsMedical Alert for Seniors - 24/7 monitoring. FREE Equipment. FREE Shipping. Nationwide Service. $29.95/Month CALL Medical Guardian Today 888-709-2147
CalendarSandston Baptist Church’s annual Fall Festival will take place from 6 p.m. to 8 p.m. There will be food, games, Trunk or Treat and more. For details, visit http://www.sandstonbaptist.org Full text