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.
Bail Bonds Chesterfield VA

Smither named director of Henrico’s Department of Finance

Henrico County Manager John A. Vithoulkas has appointed Edward N. “Ned” Smither Jr. to serve as director of the Department of Finance, effective July 1.

Smither has served Henrico since 2013 as director of the Accounting Division in Finance. He will succeed Eugene H. Walter, who has delayed his retirement until June 30 to ensure an orderly transition within the department.
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State honors EMS officials this week

There were nearly 1.5 million emergency medical services calls and 4,063 incidents per day in Virginia just last year.

This week, May 21-27, declared as National EMS week by Gov. Terry McAuliffe, recognizes the more than 34,000 EMS personnel and 631 agencies in the state and commends their efforts and commitment to Commonwealth citizens.
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Norfolk man arrested at RIC after TSA catches him with gun

A Norfolk man was arrested at Richmond International Airport May 18 after Transportation Security Administration officers detected a loaded semi-automatic handgun in the traveler’s carry-on bag.

A TSA officer detected the .40 caliber semi-automatic handgun inside the man’s carry-on bag as it passed through the security checkpoint X-ray machine. The handgun was loaded with 13 bullets.
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Police release photo of hoax bomb

Henrico Police have released a photo of the clock that resembled a bomb that led to the arrest of a Richmond woman in Shot Pump earlier this week.

The device, which the woman told police she purchased at a yard sale, was visible in her car at the Whole Foods at West Broad Village May 19, and a passerby called police, fearing it was a real bomb. Police responded as they would have had the device been real, they said, because they weren't sure if it was real or not.
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Henrico school buses with compliance issue to be fixed this summer


The 176 Henrico school buses that have been purchased since March 2011 will be fixed during the summer, Henrico Schools spokesman Andy Jenks told the Citizen. The bus manufacturers will retrofit the buses at no cost to the school division, he said.

The brake interlock device is required on all automatic transmission buses in Virginia that were purchased after March 2011, which is when the device was added to the state Board of Education's requirements for school buses. As many as 4,000 school buses in the state may be affected, according to the Virginia Department of Education.
> Read more.

Henrico Business Bulletin Board

May 2017
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The Retail Merchants Association, 5101 Monument Ave., will hold a Member Appreciation Picnic & VRF Auction from 4:30 p.m. to 7 p.m. Enjoy food, drinks and music. A silent auction will benefit the Virginia Retail Federation’s political action committee. The event is free. For details, visit http://www.retailmerchants.com. Full text

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