Payroll

Federal payroll taxes are a necessary evil for both employers and employees. Under the Federal Insurance Contributions Act (FICA), employees must pay Social Security and Medicare taxes. For their part, employers must withhold the tax from employee wages and also pay their share of FICA tax. But there’s another, lesser-known payroll tax that some of your […]

If your company has been in business for a while, you may not pay much attention to your payroll system so long as it’s running smoothly. But don’t get too complacent. Major payroll errors can pop up unexpectedly — creating huge disruptions costing time and money to fix, and, perhaps worst of all, compromising the […]

Understanding the payroll tax rules can be challenging when your company hires workers or the personal situations of existing employees change. Employers often have questions about their shifting recordkeeping and withholding requirements. Here are some topics that employers have recently queried. Hiring Retirees Question: If my company hires retirees for part-time work, is there a limit on […]

During the holiday season, your company may want to give gifts to valued customers, as well as some or all staff members. Can you claim any tax deductions for gifting holiday cheer? The short answer is “yes.” But you need to observe several IRS rules that limit write-offs — and, in some cases, eliminate them. Beware […]

One might assume the term “trust fund recovery penalty” has something to do with estate planning. It’s important for business owners and executives to know better. In point of fact, the trust fund recovery penalty relates to payroll taxes. The IRS uses it to hold accountable “responsible persons” who willfully withhold income and payroll taxes from […]

You may not think of your small business’s payroll function as risky. But if you don’t properly handle certain payroll challenges, you may risk IRS scrutiny, operational disruptions and financial losses. What should you watch out for? Here’s a list of 10 payroll issues small organizations must grapple with. Accurate recordkeeping.If you don’t keep detailed and accurate […]

You may not think of your small business’s payroll function as risky. But if you don’t properly handle certain payroll challenges, you may risk IRS scrutiny, operational disruptions and financial losses. What should you watch out for? Here’s a list of 10 payroll issues small organizations must grapple with. 1. Accurate recordkeeping. If you don’t keep […]