Changes for 2012

Small business owners must be aware of the 12 laws that will be in effect for 2012 that could require them to make changes to the way they manage their businesses.
(1) Job Creation: The extension of the payroll-tax cut will have an impact on job creation changes because it includes a recapture provision for employees earning more than $18,350 in wages during the extension.
(2) Worker Classification: Several states will be enforcing stricter legislation changes for misclassified workers.
(3) Deficit Reduction: The government is attempting to reduce record spending for 2012, which would result in business and personal tax reforms put in place.
(4) Immigration Reform: Many states will enforce the federal E-verify system to help decrease the employment of illegal immigrants.
(5) Employment Law: The US Dept. of Labor and states are working together to clarify for employers minimum wage and overtime requirements so employers have a better understanding of what they are getting paid.
(6) Security and Privacy: To prevent cyber violations in companies, privacy and security systems are being implemented by many states.
(7) Dodd-Frank: Businesses may be hurt by the new financial changes such as banks limiting the availability of credit or capital, or the increase of of fees for borrowing.
(8) Health Insurance: The Supreme Court is debating on the new legislation, which may have a great affect on businesses.
(9) Unemployment Insurance: There may be higher unemployment taxes and more detailed employer reporting requirements to decrease unemployment insurance fraud.
(10) 401(k) Benefit: Changes for 401(k) providers include added fee disclosures and how many loans an employee can take from their 401(k).
(11) Tax: These changes will range from higher Social Security wage base to transportation and adoption-assistance-benefit limits.
(12) W-2 Form: Employers filing 250 or more W-2 forms in the past year must include the cost of employer-sponsored health coverage on their 2012 form.

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Happy Holidays

   

NPD Payroll wants to use this blog post to wish all of our readers a safe and happy holiday weekend. We encourage you to use this blog post to share your holiday traditions and recipes!What are your favorite holiday movies or songs?



How Payroll Management Companies Work

Having a professional payroll manager is something every small business owner should consider. Before choosing a payroll management company, a business owner needs to be knowledgeable of how payroll managers work.

First, a business owner needs to know if they want one person managing their employee payroll, or several. This is an important process: making sure time, taxes, and pay are calculated correctly, and checks are received in time. A business owner is usually responsible for making sure their employees are paid in time, however, they may pass that responsibility onto a payroll manager in the interest of time and productivity. Payroll managers are also responsible for shifting funds so money is available to payroll, and taking note to other aspects of payroll such as insurance, retirement funds and expenditures.

Before you choose a payroll management company, remember to keep in mind what is the best for you and your employees!


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What You Can Do...

The holidays are about everyone coming together to help others and to spread joy. In between the stress of buying presents and decorating the house, take some time to think about what you can do for others who are less fortunate. Volunteer at a soup kitchen, join an "Adopt a Family" gift program, go to your town's website and check out their social services to see if they have any holiday specific charity programs, send holiday cards, or go caroling.

These kinds of thoughtful actions are very popular during the holidays, however try to implement them into any day of the year!

No Holiday Break from Taxes

Happy December! You are probably very busy getting into the holiday spirit with shopping, baking, decorating, and taking time off from work to spend with family and friends. However, while you are enjoying this season, please do not get too lost in the holiday planning to forget about the pending tax deadlines. Continue to manage your finances because once this month is over, you must be prepared for 2012. Here is a schedule of deadlines in 2012 that will be helpful to keep you on track with your finances.

January

By January 17, 2012, forth quarter estimated tax payments are due. Also, college student's Federal financial aid should be completed by the end of the month.

February

Early to mid February is the time to pay nonfederal financial student aid, which means students need to submit their CSS/Financial Aid Profile to be considered more for financial aid.

March

The deadline for corporate tax returns is March 15!

April

This is a crucial month! April first is the deadline for RMDs, retirement accounts must be funded by April 15th, and of course, taxes. Individual, gift, estate and trust, estimated fourth-quarter returns and more are all due this month.

To continue reading about deadlines for May-December 2012, view the full article here.