tax consequences Archives - Abacus Payroll

Summer Hiring and the Work Opportunity Tax Credit

May 30, 2018 | posted by Abacus Payroll

While summer can be a time for some businesses to relax a bit on the hiring front, there are seasonal industries where the need for additional employees picks up in the warmer months. From construction to tourism to agriculture and groundskeeping, if your business is expanding its team, bringing on additional help this summer, or […]

Gifts, Employees, and the IRS

April 25, 2018 | posted by Abacus Payroll

Whether or not employers should give gifts to their employees is an oft-debated topic. The ethical side of office gift-giving is up to you, but whatever you decide must also take into account IRS regulations for taxing gifts. Here are a few things you should know about handling gifts for employees, as well as a […]

Adding Your Children to Payroll

May 9, 2017 | posted by Abacus Payroll

Adding Your Children to your Business Payroll

Have you considered hiring your own children to help manage or add support to your small business? From farms and agriculture businesses to family restaurants and corners shops, children can gain experience, a sense of responsibility, and a little extra cash by joining in on a business for a few hours each week. From a […]

Avoiding W-2, W-3, and 1099 Mistakes

January 19, 2017 | posted by Abacus Payroll

Accuracy is important, and this is doubly true when submitting your company’s payroll at the end of the year, but with so many forms to keep track of, mistakes are hard to avoid. Here are a few ways to prevent costly errors on your W-2, W-3, and 1099 forms. Common W2 and 1099 Mistakes […]

Payroll and Penalties

October 3, 2016 | posted by Abacus Payroll

Avoid IRS penalties and fees for late or inaccurate payroll

As tax season makes its annual debut, it’s important to review your payroll procedures in order to ensure the most accurate reporting possible, as late or inaccurate payroll submissions are often met with swift and devastating penalties from the IRS. You can avoid payroll tax penalties altogether by paying your dues on time and in […]