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 07/18/2016
Good Vibrations choral group is looking for all voices with some musical experience to sing with the volunteer choir. The season runs from August to November. Genre includes patriotic and inspirational. > Read more.
Henrico County Recreation and Parks will present “Red, White, and Lights” at Meadow Farm Museum/Crump Park July 4.
Henrico County has hosted a Fourth of July celebration annually since 1981, but this year’s event will offer a later start time and expanded hours and be highlighted by new entertainment.
The free event will begin at 4:30 p.m. and will feature the Richmond Symphony, a laser-light show, patriotic performances, and family activities. > Read more.
There are some great events this weekend in Henrico that will take your mind off the incredible heat. Highland Springs residents are invited to a Neighborhood Block Party with music, games, food and giveaways. The Tuckahoe Square Dance Club will host a dance at Pinchbeck Elementary School. There are still a few spots left for a free women’s self-defense class at The Academy of Kung Fu. And the Pocahontas Chapter of the Virginia Native Plant Society will continue its Sunday Strolls at Dorey Park. For all our top picks this weekend, click here! > Read more.
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CalendarLewis Ginter Botanical Garden will present Nature Connects: Art with LEGO Bricks May 27 to Sept. 18 from 9 a.m. to 5 p.m. daily. Created with half-a-million LEGO bricks, the… Full text