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.
Citizen Staff Reports 12/03/2013
The region's two premier youth soccer organizations – the Richmond Kickers and Richmond Strikers – have partnered to create Richmond United, a cost-free U.S. Soccer Development Academy program designed to serve the most talented players in the region. The arrangement marks the first time in U.S. Soccer Development Academy history that two member clubs have united their respective Academy programs.
Slated to begin play in the fall of 2014, Richmond United will field U13/14, U15/16 and U17/18 U.S. Soccer Development Academy teams. The teams will train and play home games at two of the top soccer specific complexes in the nation, Ukrop Park and Striker Park. > Read more.
Photo by Roger Walk for the Henrico Citizen 11/24/2013
Henricus Historical Park has a new, messy guest. Eleanor, a rare five-month-old Tamworth pig, was donated this month to the Chesterfield park by the Chesterfield County Farm Bureau as part of an effort to enhance the living history museum's partnership with the Virginia Foundation for Agriculture in the Classroom. Eleanor and her livestock pig and goat neighbors at the park will be a special attraction for the schoolchildren and others who visit the Henricus Historical Park. Eventually, she will triple from her current 150-pound weight and grow to about two feet tall. > Read more.
Members of Triangle II, a community service club at Hermitage High School, braved the elements Nov. 16 to serve as a spirit team at the Richmond Marathon, providing half-marathoners with cheers, motivational signs and shouts of encouragement as they ran through Bryan Park. > Read more.
The new AMC television series “TURN” is currently being filmed in and around Richmond, and casting officials are seeking background actors to appear on screen.
“The background actors are profoundly important to the filmmaking process,” said Erica Arvold, casting director. “The show takes place during the Revolutionary War, and background actors contribute to the atmosphere of that era.” > Read more.
American Tap Room’s new Willow Lawn location offers breath-taking atmosphere, but average dishes
On a rare warm night in late November, the newly opened American Tap Room was, to my surprise, bright and packed with guests – many eating outside.
I didn’t have a clue what to expect from this unheard-of restaurant in an unexpected spot – right in the heart of Willow Lawn. I came to learn it’s not unheard of; it’s a restaurant chain out of Northern Virginia.
“It definitely improves the look of Willow Lawn,” said my friend, who ventured to the new spot with me on a Monday night for dinner one week after the restaurant opened. > Read more.
Free Birds offers some giggles, but more eye-rolling
Thanksgiving season is upon us – a time for friends, family, and recklessly indulgent overeating. As we settle into our annual turkey-induced food coma, there’s no better time to take in a festive holiday film. And Free Birds, for better or worse, has the distinguished honor of being one of the only Thanksgiving-themed movies currently on the market.
The film stars Owen Wilson and Woody Harrelson as Reggie and Jake, two turkeys who can’t stand the Thanksgiving tradition of watching their neighbors be plucked and served for dinner. > Read more.
- More Henrico News
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