Category: Payroll
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Changes to Tony Novak CPA business practices for 2019
***DRAFT VERSION *** This post is meant for peer advisor discussion purposes only at this time. I expect to make these five changes to improve client services in 2019. The changes apply to my core client group, local law firms, as well as other individual, small business and nonprofit clients. 1) Payroll Services Complete…
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What to expect when outsourcing small business payroll
I often mention to small business owners that one of the easy and surefire ways a small business can get improved level of service, save time and save money is to set up an outsourced payroll service. These are remote services; there is no need to be close to your business. Small businesses can easily…
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Make small business payroll service pay for itself
Recently I published a series of short blog posts on the topic of payroll processing for small businesses. In summary, I’ve suggested that today’s automated payroll services are a fantastic value but that coördination and oversight by a small business compensation professional helps avoid problems and penalties that stem from miscommunication. I’ve suggested that the…
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Questions about a QSEHRA?
(This inform is not updated to reflect 2019 proposed regulations so should be presumed to be partially obsolete). Yesterday I was hired for a single consultation engagement for a small business in Silicon Valley to answer a few simple questions about setting up a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). This is a simple,…
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Payroll taxes unresolved?
Do you have payroll reporting requirements for the first time in 2018? Or do you have existing payroll but are not happy with the reporting services? Good news: We can offer payroll takeover retroactive to 1/1/2018 with no setup fees and no takeover fees. That’s the best payroll service deal that you will see all…
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IRS issued more guidance on wage tax withholding
Yesterday the IRS issued more guidance on wage tax withholding rules in response to changes triggered by the Tax Cuts and Jobs Act. Notice 2018-14 provides guidance to both individual taxpayers and employers on tax withholding requirements for wages. One of the most significant changes is the default rate of withholding on bonuses or supplemental wages is…
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Adjusting payroll taxes for 2018
Once all the political commotion over tax reform settles, what most people care about is “Is my paycheck going up or down?” The problem is complicated by politicians promising a big tax cut on the television news and through social media channels while accountants warn that some people will likely pay more. The end result…
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Small Business Payroll Services
I see plenty of room for improvement is small business payroll processing. About 2 in 5 of all small businesses eventually wind up with problems and penalties due to payroll tax errors. The issue can usually be avoided by ensuring that service is provided by a reputable payroll service that is supervised by a responsible…
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Who is your employee?
How to distinguish between employees and contractors and the risks of making an incorrect classification