News Feed Item
SurePayroll's Mid-Year Tax Checkup -- 5 Things Small Business Owners May Not Know
New Laws, Programs Give Employers Opportunities to Take Credits, Avoid Penalties
|By Marketwired .
|June 25, 2014 11:54 AM EDT
GLENVIEW, IL--(Marketwired - June 25, 2014) - As we reach the halfway mark of 2014, small business owners will look to ensure their tax situation is in order, whether that means taking advantage of credits or avoiding costly mistakes. In 2013, the IRS issued 6.8 million penalties totaling $4.5 billion related to errors in employer tax filings.
To help assist small business owners, SurePayroll, a leading provider of payroll services to small businesses nationwide, is issuing a mid-year tax checkup.
"It can be challenging for a small business owner to remain compliant and stay on top of ever-changing tax laws," said Jamal Ayyad, vice president of service delivery at SurePayroll. "Especially when it comes down to the wire, and the focus is on their company's sales rather than tax season. However, when a small business owner plans for tax season strategically and consistently throughout the year, they can create a much better financial outcome for their company."
So how can a small business owner exercise greater control over their tax filings and avoid common -- and costly -- mistakes? Consider these 5 mid-year tax checkup tips:
1. Take advantage of the health care credit - Small business employers with fewer than 25 full-time equivalent employees with average wages of less than $50,800 who provide health insurance through the Small Business Health Options Program (SHOP) may be eligible for a tax credit. Small business owners can visit www.healthcare.gov for SHOP plan options. Beginning in 2014, they may be eligible for a maximum of 50 percent of premiums paid and the credit will be limited to two consecutive years.
2. You may have options if you owe payroll taxes - Small businesses having trouble paying their payroll taxes may be able to take advantage of an IRS installment plan. If you owe less than $25,000 in combined tax, penalties and interest, and filed all required returns, you may be eligible.
3. Avoid retirement plan penalties; get relief if needed - Failure to file Form 5500 by employers sponsoring retirement plans can mean fines as high as $15,000. Small business owners should make sure they are on top of this filing requirement. If, however, they were unaware and are facing a penalty, the DOL has a program to reduce or eliminate DOL and IRS penalties and for one-participant plans the IRS began a one-year pilot program this month to help small employers avoid the penalty.
4. Take the simple deduction option if you work in a home office - Taking the home office tax deduction is typically filled with complicated requirements and qualifications. Recently, the IRS created a simple option that allows you to take a standard $5 per square foot of your home used for business.
5. Keep in mind, you could pay more unemployment taxes - Some states take loans from the federal government to meet unemployment benefits liabilities. If they have not repaid those loans, there will be a reduction in the credit against the FUTA tax rate, meaning employers in those states will have to pay more. A number of states may be affected, including Arizona, Arkansas, California, Connecticut, Delaware, Indiana, Kentucky, New York, North Carolina, Ohio, Rhode Island, South Carolina and the Virgin Islands.
Organizing tax records now can make filing taxes much easier and faster later on. When a small business owner gets their information together well ahead of time, they greatly improve the odds of filing a complete -- and accurate -- return.
In addition, using an outside payroll services provider can help take much of the tax burden off of small business owners. A quality online payroll provider will do all of the calculations, pay employees via direct deposit, and automatically pay and file payroll taxes.
Being compliant is the law, but instead of merely checking taxes off of a list of things to do at the end of the year (and/or April), a savvy small business owner knows that preparation and planning ahead are key components to success.
SurePayroll is the trusted provider of easy online payroll services to small businesses nationwide. Whether a business has 1, 10, or 100 employees, SurePayroll delivers peace of mind by combining innovative, industry-leading technology and personalized support from an award-winning, U.S.-based customer care team. SurePayroll also provides private-label and co-branded services for accountants and banking partners as well as offering efficient online solutions for managing 401(k) plans, health insurance, workers' compensation, employee screening and more. SurePayroll is a wholly owned subsidiary of Paychex. For more information, please visit www.SurePayroll.com. Follow us on Twitter -- Circle us on Google -- Connect with us on LinkedIn -- Like us on Facebook.
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers' compensation, are made available through Paychex Insurance Agency, Inc. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 570,000 payroll clients as of May 31, 2013. For more information about Paychex and our products, visit www.paychex.com.
OnProcess Technology has announced it will be a featured speaker at @ThingsExpo, taking place November 1 - 3, 2016, in Santa Clara, California. Dan Gettens, OnProcess’ Chief Analytics Officer, will discuss how Internet of Things (IoT) data can be leveraged to predict product failures, improve uptime and slash costly inventory stock.
@ThingsExpo is an annual gathering of IoT and cloud developers, practitioners and thought-leaders who exchange ideas and insights on topics ranging from Big Data in...
Oct. 25, 2016 07:15 PM EDT Reads: 257
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 25, 2016 07:00 PM EDT Reads: 1,012
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST.
Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Oct. 25, 2016 07:00 PM EDT Reads: 303
SYS-CON Events announced today that Cloudbric, a leading website security provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
Oct. 25, 2016 06:45 PM EDT Reads: 1,231
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
Oct. 25, 2016 06:45 PM EDT Reads: 1,423
In his session at 19th Cloud Expo, Nick Son, Vice President of Cyber Risk & Public Sector at Coalfire, will discuss the latest information on the FedRAMP Program. Topics will cover:
FedRAMP Readiness Assessment Report (RAR). This new process is designed to streamline and accelerate the FedRAMP process from the traditional timeline by initially focusing on technical capability instead of documentation preparedness.
FedRAMP for High-impact level systems. Early in 2016 FedRAMP officially publishe...
Oct. 25, 2016 06:15 PM EDT Reads: 347
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service.
Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Oct. 25, 2016 06:15 PM EDT Reads: 2,126
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data.
In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Oct. 25, 2016 06:00 PM EDT Reads: 2,694
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved.
In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Oct. 25, 2016 05:45 PM EDT Reads: 2,884
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required.
In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Oct. 25, 2016 05:45 PM EDT Reads: 1,425
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
Oct. 25, 2016 05:15 PM EDT Reads: 1,607
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Oct. 25, 2016 04:45 PM EDT Reads: 1,545
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Oct. 25, 2016 04:15 PM EDT Reads: 1,442
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential.
Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
Oct. 25, 2016 03:15 PM EDT Reads: 411
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general.
Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
Oct. 25, 2016 03:00 PM EDT Reads: 34,201