Many small businesses face IRS penalties due to payroll errors each year. As a business owner, you might be surprised by how common these costly mistakes are and how easily they can be avoided with the right knowledge.
As a small business owner, you’re juggling multiple roles. But when it comes to payroll, precision is non-negotiable. Your employees depend on accurate, timely paychecks, and the government expects strict compliance with tax regulations.
What exactly constitutes payroll? It’s more than just cutting checks. Payroll encompasses:
Employee wage calculations
Tax withholdings and deductions
Benefits administration
Record keeping
Tax filing and reporting
Compliance with federal, state, and local regulations
