On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010 (the "Act").  The Act created the State Small Business Credit Initiative, which was funded with $1.5 billion to strengthen state programs that support lending to small businesses and small manufacturers.  The State Small Business Credit Initiative is expected to help spur up to $15 billion in lending to small businesses.  Under the State Small Business Credit Initiative, participating states will use the federal funds for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting [...]

IRS Helps Small Employers Claim New Health Care Tax Credit; Forms and Additional Guidance Now Available on Small Business Health Care Tax Credit WASHINGTON — The Internal Revenue Service today released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year. Today’s release includes a one-page form and instructions small employers will use to claim the credit for the 2010 tax year. New Form 8941, Credit for Small Employer Health Insurance Premiums, and newly revised Form 990-T are now available on IRS.gov. The IRS also posted on its website [...]

Times are tough. As a business owner, would eliminating a large down payment for your workers' compensation insurance interest you? You know how important it is to manage cash flow on a day-to-day basis and that's not always easy when you have to come up with a down payment that may be as much as 25% of the premium for your workers compensation policy. Good News, DirectPay Payroll Services AND The Hartford have a solution! XactPAY® allows you to pay your Hartford Workers' Compensation premium based on actual payrolls and one payroll period at a time. Your cash flow won't [...]

Year-end Letter (Updates on last page) Year-end Cutoff Date The year-end cutoff date for you to report changes for 2010 is December 30, 2010 at 1:00 p.m., or the day a payroll with a January 2011 check date is processed, whichever is earlier.  We recommend that you run any adjustments with a payroll to ensure that the taxes are withheld correctly.  Please remind your accountant to report payroll adjustments no later than your cut-off date. If payroll adjustments are necessary after the year-end cutoff date, we can rerun your tax returns.  However, there will be an additional charge and a [...]