You may have to file information returns like Form W-2 and Form 1099-NEC when you have employees, work with independent contractors, or meet other requirements. Some businesses must electronically file these returns with the IRS. There is an IRS electronic filing threshold that determines which companies must e-file.
Read More IRS Electronic Filing Requirements: Who Needs to E-file?
If you want to buy a car or house, open a bank account, or get a job, you need a Social Security number. An Employer Identification Number (EIN) is like that, but for your business. Many businesses need an EIN to operate. And if your business is one of them, you must know how to […]
Read More Your Step-by-step Guide on How to Apply for EIN, aka Employer Identification Number
Let’s face it: paying taxes isn’t anyone’s favorite part of running their own business. The process can be time-consuming and filled with confusing paperwork. But, what if there was a way to make paying your federal taxes simple and fast? The good news is that the IRS has an EFTPS system that does just that […]
Read More What Is EFTPS, and How Can it Benefit Your Business?
You constantly make payments to contractors, suppliers, vendors, and employees (if you have ‘em). It’s what you do as a business owner. Wouldn’t it be nice to skip cash and checks? Instead of using paper to pay people, you can make EFT payments.
Read More EFT Payments: What to Know About Sending and Receiving
When your business grows, you may need to hire additional employees. But, hiring more employees comes with additional responsibilities. Depending on the number of employees you have and some other factors, you may be responsible for filing an EEO-1 report. So … what is EEO-1, anyways?
Read More What Is the EEO-1 Report, and Which Employers Need to File it?
Deciding how to pay employees takes careful consideration. Not only do you need to think about what payment methods for employees you will use (e.g., direct deposit vs. paper checks), but you also need to consider the types of wages you will provide.
Read More Types of Wages That Might Come up in Your Small Business
As an employer, you’re responsible for collecting certain forms from new hires, like Form I-9. Form I-9 is a form that confirms your employees are legally allowed to work in the U.S. To help confirm the eligibility of your new employees, you can use E-Verify. So, what is E-Verify exactly?
Read More What is E-Verify and How Do You Use it for Employment Eligibility Verification?
If you have sales staff, you might pay them commissions. Paying employees with sales commissions can incentivize employees to make more sales. While commissions can get employees to sell more, employees aren’t guaranteed steady pay. To give your sales staff more financial stability, you can use a draw against commission system.
Read More What Is a Draw Against Commission?
Payroll is a notoriously intricate subject, and is not as simple as cutting someone a check that was calculated at a single rate of pay. As an employer, it is likely that you will encounter the issue of double-time pay. But, what is double-time pay? Read on for the scoop.
Read More What Is Double-time Pay?
At some point, you might have to terminate an employee. You might eliminate their position, make layoffs, fire for misconduct, or mutually part ways. No matter the reason, you might consider giving the employee severance pay. But what is severance pay? Before you make a decision about severance pay, learn more about it, what you […]
Read More What Is Severance Pay?