The Entrepreneur’s Corner
The Benefits of a Third-Party Payroll Provider
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.
By Holly Speck and Hannah Matheson, Capital News Service 02/24/2017 General AssemblyGeneral Assembly 2017
Senior students at Glen Allen High School will get a personal touch when studying elections with their AP government teacher.
That teacher, Schuyler VanValkenburg, recently announced his intention to seek the Democratic nomination for the 72nd District seat in the House of Delegates. If he earns the nomination, he will run against Del. Jimmie Massie, R-Henrico, who has been unopposed for 10 years.
VanValkenburg, a 2004 University of Richmond alumnus who majored in history, is running for office for the first time. Although he has lived in Richmond since he began his undergraduate studies, aside from one year spent in Seattle, he said he never felt it was his time to run. > Read more.
School and business leaders from around the region, including (pictured, from left) Simon Hodges of Dominion Resources, Daphne Swanso(president of Junior Achievement of Central Virginia) and Henrico County Manager John Vithoulkas, gathered at Libbie Mill Library Feb. 23 for the Junior Achievement Finance Park construction kickoff. > Read more.
Finishing a day early, House and Senate negotiators agreed on a budget Wednesday that includes employee pay raises and more money for K-12 education and mental health.
The negotiators presented their budget to their fellow lawmakers in time for the required 48-hour review, which could be completed by Friday night with a chance to adjourn their 2017 session before Saturday’s target date.
Republican leaders in the House and Senate praised the spending plan’s conservative fiscal policies. > Read more.
A section of Charles City Road, from Lewis Road to South Airport Drive, will be closed beginning Sunday, Feb. 26 as part of a project to widen and improve the road.
The Henrico County Department of Public Works expects the closure to last for a few weeks.
Westbound traffic on Charles City will be detoured around the work zone by way of South Airport, Seven Hills Boulevard and Laburnum Avenue. > Read more.
By Rodrigo Arriaza and Maura Mazurowski, Capital News Service 02/24/2017 General AssemblyGeneral Assembly 2017
Officials with the American Civil Liberties Union called on Gov. Terry McAuliffe on Wednesday to veto Republican-backed legislation banning local governments in Virginia from designating themselves as sanctuaries for undocumented immigrants. They also said they plan to fight federal and state policies that they believe violate immigrants’ rights.
At a news conference, representatives of the ACLU of Virginia and other civil rights organizations criticized anti-immigrant measures passed by the General Assembly. They also condemned the recent spike in deportation raids on immigrant communities in Virginia by federal Immigration and Customs Enforcement, as well as President Donald Trump’s recent executive order banning immigrants from seven mostly Muslim countries. > 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.
Given the warm weather lately, Saturday’s RVA Polar Plunge Winter Fest, benefiting Special Olympics Virginia, might actually be enjoyable! Other weekend events you’re sure to enjoy include the 14th annual Richmond Kids Expo at the Richmond Raceway Complex, the Richmond Symphony and The Taters in concert at The Cultural Arts Center at Glen Allen, and the Richmond Ballet Minds in Motion Team XXL performing at the Henrico Theatre. This is also the last weekend to check out HATTheatre’s production of “Bill W. and Dr. Bob.” For all our top picks this weekend, click here! > Read more.
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CalendarLivingston Taylor will perform at 8 p.m. at The Tin Pan, 8982 Quioccasin Rd. Celebrating 50 years as a professional musician, Taylor’s newest album is “Safe Home.” Doors open at 6 p.m. Tickets are $27.50 in advance and $33 at the door. For details, call 447-8189 or visit http://www.tinpanrva.com. Full text