Dallas, TX (PRWEB) December 09, 2013
BenefitMall®, the leading provider of the nation’s largest portfolio of employee benefits, HR and payroll products and services, today shares three tips for preparing small business owners for the busiest months for payroll processing; December and January. As the year-end approaches, several payroll related adjustments arise, but can be avoided by planning ahead. BenefitMall’s expert team has identified three tips to avoid such adjustments, freeing employers to focus on growing their business.
"Each year we help thousands of small business owners and come across these common adjustments, especially around year-end," BenefitMall’s Senior Vice President of Operations Mark Strippy said. "Through these three tips, we hope to educate employers and stay ahead of them by sharing these three tips for processing payroll so they don’t incur possible tax penalties or costly mistakes."
Keep Bonuses in Mind: Be sure to schedule any bonus payroll runs in advance. Make sure to consider the tax impact to your employees. Remember that earnings, including bonuses, are taxable in the year in which they are received.
Trust, but Verify: Ensure that employees’ Social Security Numbers and that the Employer Identification Number (EIN) is correct in your payroll. Verify that all earnings, including bonuses and manual checks, are included. Keep in mind that taxable fringe benefits must be included on employee W-2s.
Coordinate Sick Pay Accordingly: Coordinate with the company’s third party sick pay provider to determine who is responsible for issuing sick pay information on employee W-2s. Be sure to share this information with the company’s payroll service representative. Lastly, be certain to include taxable third-party sick pay earnings in payroll.
Year-end can be a busy time of year for small business owners, so seeking the help of an expert can be beneficial to avoid making mistakes, penalties and allows employers to focus on running their business.
Headquartered in Dallas, Texas, BenefitMall works with a network of 20,000 brokers and CPAs to deliver employee benefits and HR/ payroll services to more than 200,000 small and medium sized businesses.
BenefitMall, the largest national General Agency, merged with the second largest privately held payroll company, CompuPay, in 2012 through equity financing led by Austin Ventures to create an integrated company that is "all together, better."
BenefitMall operates HealthCareExchange.com, the leading online community for information regarding the Patient Protection and Affordable Care Act.
More information is available at http://www.benefitmall.com.