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Small Business Relief: Financial Support Programs Available to New Jersey Employers

by Makenzie RizzoMay 18, 2020 8:00 AM

With small businesses still feeling the impact of COVID-19, the New Jersey Economic Development Authority (NJEDA) is attempting to help employers ease their financial burden. Applications for the NJEDA Small Business Emergency Assistance Grant Program may be closed, but the organization still has several other initiatives available for Garden State employers. Here’s a breakdown of some various programs and loans that will be available as of May 18, 2020 or in the near future.

Small Business fund money for organizations in New Jersey. 

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Human Resources

CARES Act Payroll Tax Deferral: What You Need to Know

by Tim AustinMay 5, 2020 4:41 PM

In response to the economic impact of the COVID-19 outbreak, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. Among many different types of loans and incentives, the CARES Act introduced tax relief for businesses in the form of payroll tax credits, enhanced net operating loss (NOL) deductions, and payroll tax deferment. However, the payroll tax deferral section of the CARES Act raised several questions for small and medium-sized businesses, especially those that received loans from the Paycheck Protection Program (PPP).

To help answer these questions, the IRS released guidance on April 10, 2020, regarding payroll tax deferrals. Here’s what business owners need to know when it comes to paying taxes on social security this year.

 Small business owner defers payroll taxes under CARES Act.

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Payroll

The Legal Requirements for Starting a Business

by Tim AustinAugust 29, 2019 2:54 PM

Starting a new business is an exciting endeavor, but it also requires a lot of preparation. Part of this process includes taking measures to make sure the business is set up properly so that you can legally conduct business. Here’s what you need to do to make sure that your new business is ready for success according to federal, state, and local regulations.

An owner starting a new business that follows state and federal regulations. 

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Human Resources

Summer Intern Series: Keeping Up with the Future of HR

by Andrea LibalJuly 18, 2019 3:51 PM

When you’re thinking of starting a business, your passion is ultimately what drives you to provide the best product or service. The first thing that comes to your head is not about the technology you need for payroll, or how you are going to recruit top talent. Need an employee handbook? “I’ll type something up real quick.” 

These are just a few of the many human resource topics you can easily put on the backburner without realizing the full scope of responsibilities you now carry as a business owner. As for the future of HR, it’s only getting more crucial for businesses to stay compliant with laws and stay protected.

Two small business owners responsible for many HR functions, including payroll and taxes. 

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Human Resources

How to Calculate Payroll and Income Tax Deductions

by Tim AustinApril 15, 2019 8:00 AM

As an employer, you have a responsibility to handle every step of your business’ payroll. One of the more notable steps is handling the tax deductions that are withheld from every employee’s gross wages. To help, we’ve put together some pointers on how you can calculate the various deductions found on each paycheck.

A small business owner calculating payroll deductions for employees.

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Payroll

Does Your Small Business Need a PEO?

by Brice DelphFebruary 5, 2019 8:00 AM

Running a business comes with more responsibility than most people realize. The administrative requirements to stay compliant while growing a successful business can overwhelm most. Some business owners will hire office managers, an HR generalist, interns, etc., but some completely put off the HR needs of their company. This can cause major issues down the line with compliance issues, payroll dilemmas, job description disputes, and the list goes on.

The Professional Employer Organization (PEO) industry exists to help business owners outsource their back-office functions to focus on the real reason they developed their company, which is to generate revenue. 

A happy small business owner who outsources key business functions to a PEO. 

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Human Resources

Payroll Forms: A Guide for Small Business Owners

by Tim AustinJanuary 17, 2019 8:00 AM

Payroll forms can put a lot of pressure on business owners. When you’re in charge of a small business, it’s up to you to make sure that these forms are not only completed accurately, but on time as well. If you’re not careful, the penalties can range from $50 per faulty form all the way up to hundreds of thousands of dollars for notable violations.

One of the biggest struggles of managing payroll forms is simply knowing which forms apply to your business and what they do. We’ve compiled a list of payroll forms that you’ll likely need to know for your small business and how they work.

A small business owner calculating taxes for various payroll forms. 

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Payroll

How to Manage Payroll for a Small Business

by Tim AustinSeptember 12, 2018 8:00 AM

Payroll isn’t nearly as simple as just paying your employees. Payroll management encompasses several different steps and responsibilities. Each part of the payroll process requires you to take certain actions or make decisions that impact how your employees are paid and ensure that your business is compliant with any government regulations that apply.

As a small business owner, it’s your responsibility to either take care of each of these steps—or find a trusted company that provides payroll services for small businesses. Here’s a guide to help you learn what it takes to properly manage payroll for a small business.

 

A small business owner managing payroll by herself.

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Payroll

Do I Need Payroll Software for My Small Business?

by Tim AustinMay 24, 2018 8:00 AM

Let’s be honest; what business owner looks forward to managing payroll? While payday may be exciting for your employees, it’s likely that you’re not thrilled about having to put together payroll reports, track deductions, and oversee every other critical aspect of payroll administration, especially if you do everything by paper. 

For some small business owners, payroll administration is just a necessary part of business life and the business isn’t big enough to justify its own HR department. While payroll administration is necessary, it doesn’t have to be a big burden. Online payroll software can give you the tools to take some of the pain out of payday preparation. Here are a few questions you should consider when evaluating your payroll management process.

Small business owner using online payroll software. 

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Payroll

Does a Small Business Need HR?

by Tim AustinApril 25, 2018 8:00 AM

As a small business owner, you’ve likely thought of ways that you can cut business expenses to save money. One of these ideas may involve whether you should invest in outsourcing HR or hiring in-house HR professionals.

HR just isn’t that important when you don’t have many employees, right?

Wrong. Every business needs to deal with critical HR functions, whether it’s a major corporation or a five-person business. Here’s what you need to consider the next time you think about whether your business needs HR management.

Employees at a small business thEmployees at a small business that outsources HR management.at outsources HR management.

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