Payroll Mistakes

Overtime Pay: What You May be Missing

Many employers (especially those just starting out) have a hard time seeing through the murky waters of overtime pay and how it should be addressed legally speaking. Many employers get tripped up by confusing work week hours with pay period hours. Overtime for non-exempt hourly employees needs to be calculated on a 7-day time period, regardless of how often your employees are paid. For example, if an employee who...

4 Hiring Mistakes Small Businesses Commit

Are You Building Your Team Effectively? The employees you hired today will determine your success tomorrow. Here are a few suggestions from Precise Payroll, based on our experience as an HR firm. 1. Not conducting pre-employment screenings. This can hurt your company in a number of ways. For example, it could cause you to hire someone who doesn’t have experience that they claim to have. (Studies have shown that...

Try Our Product Demo!

If you are reading this article, there is probably a good chance that you’re already aware of the many benefits that outsourcing payroll can offer. We probably don’t need to tell you about the fact that outsourcing payroll can increase efficiency, or that it can eliminate the risk of being fined thousands by the IRS for non-compliance.  The question you’re probably asking yourself now, however, is what company can...

IRS Fine on Public School Illustrates Importance of Payroll

An ongoing public dispute regarding payroll tax fines appears to be coming to an end–but it hasn’t been pretty. In February, 2016, the Three Forks school district voted to pay roughly $37,000 in fines related to a routine audit that revealed errors in the school’s payroll reporting. This $37,000 actually represents a significant discount, as the original fine was nearly $50,000! Despite this generous “discount” that the school district...

Common Payroll Mistakes

As many of us already have the misfortune of knowing first-hand, the IRS does not mess around when it comes to collecting unpaid taxes. Closing the tax gap is a huge priority for the IRS, and one area in which they are especially focused is in payroll taxes. In fact, the IRS itself estimates that roughly 40% of small to medium sized businesses end up paying a payroll related...