Running a small business in the US Virgin Islands is a rewarding endeavor, but managing payroll tasks can often be overwhelming. As a trusted Virgin Islands payroll service provider located on St. Croix, we understand the unique challenges faced by small businesses in the US Virgin Islands. At Account Ability Payroll Services, we specialize in […]
What Can a Payroll Service Do for You?
Even if your business has only a few employees, you may be considering outsourcing your payroll processing to a specialist. What can a payroll processing service like Payroll VI by Account Ability do for you? It can help keep you compliant. You may have employees in more than one state and need to comply with […]
IRS Puts Moratorium on ERC Claims
The IRS has placed a moratorium on processing of new ERC claims through year’s end will allow the IRS to add more safeguards to prevent future abuse, to protect businesses from predatory tactics. The pandemic-era relief program is a refundable tax credit designed for businesses that continued paying employees during the COVID-19 crisis. In a […]
Create a Payroll Raise Policy
In most cases, employees anticipate receiving a raise after working a certain amount of time at your firm — usually, six months to a year. Top performers who consistently exceed expectations expect to be paid a salary that reflects their hard work and level of responsibility. Offering competitive compensation helps to retain your best workers. […]
How to Create a Payroll Policy
A payroll policy explains the process of payment — salary administration, timesheet keeping, wage methods, and payment schedules — keeping employees up to date on what to anticipate on payday. Your payroll management system, which details your obligations as an employer, should be such that it avoids costly noncompliance by detailing the payment of the […]
IRS Extends a Roth Catch-Up Requirement
As the Wall Street Journal in their August 25, 2023 article pithily summarizes it, “Higher earners age 50 and up will get two more years to use pretax dollars for all of their retirement savings in 401(k)s and similar plans, after the Internal Revenue Service delayed a new requirement.” The IRS has announced an administrative […]
Choose the Best Payroll Software for the Job
When looking for proper payroll software, many employers ask a lot of the same questions. So how do you find payroll software that fits your business as best as possible? In addition to these questions, you’ll want to ensure that the platform you are considering has the ability to generate payroll summaries, track deductions, and […]
How to Recognize and Avoid Scams
Nearly everyone has received an email, text, or phone call that sounds legitimate but is a scam. Scammers have gotten quite sophisticated, and even savvy individuals have been taken in. So it’s becoming more and more important to learn how to recognize and avoid scams, particularly in the workplace. As reported in the FBI’s Internet […]
How To Set Up and Maintain Payroll Policies
The endgame is accurate and timely employee paychecks. How do you get there? Have a payroll plan that outlines what the procedures are to get to your goal. The plan should describe how employees document and submit time. Use a reliable timekeeping system. A computer-based system is probably the most efficient, but if you still […]
Important I-9 Updates for Employers: New Form I-9 To Be Released
The U.S. Citizenship and Immigration Services released the following statement on July 21, 2023: On Aug. 1, 2023, U.S. Citizenship and Immigration Services will publish a revised version of Form I-9, Employment Eligibility Verification (PDF, 899.28 KB). Among the improvements to the form is a checkbox employers enrolled in E-Verify can use to indicate they remotely examined […]
How to Manage a Payroll Schedule
Learn how to create an effective payroll budget to avoid wondering how and where your money was spent. Creating a payroll budget helps you understand what percentage of your budget should go to payroll and enables you to stay on track throughout the year. Generally, payroll should account for about 15% to 30% of your […]
Minimum Wage Changes — What’s Happening and What’s Coming
On Jan. 1, 2023, the minimum wage increased in 23 states. From a 23-cent increase in Michigan to an increase of $1.50 in Nebraska, people who earn minimum wage are celebrating in many places across the nation. Now, a major influence regarding the adjustments has been the increased rate of inflation that has swept the […]
How To Deal With Employee Taxes
Employers generally must withhold income tax from employees’ wages. To figure out how much employee payroll tax to withhold, you need to use the employee’s Form W-4, the appropriate method and the appropriate withholding table described in Publication 15-T, Federal Income Tax Withholding Methods. You’ll deposit your withholdings based on your business and the amount you […]