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ACA Deadlines Have Changed: Prepare for Earlier Deadlines

Monday, October 3rd, 2016

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Employers breathed a sigh of relief last year when the IRS extended filing deadlines for Affordable Care Act (ACA) information reporting. However, it doesn’t appear employers will be so lucky this year. This may prove challenging for employers who must file 1095-Cs by January 31. If you’re printing forms, you’ll want to ensure they go to the printer by January 20 to give you plenty of time. Here are the deadlines:

 

ACA Information Reporting Forms 2016 Tax Year Deadlines (forms filed in 2017)
Forms 1095-B and 1095-C due to employees (to be postmarked if mailed or sent by email if applicable conditions met) January 31, 2017
Forms 1094-B, 1095-B, 1094-C and 1095-C due to IRS if filing on paper February 28, 2017
Forms 1094-B,1095-B, 1095-C due to IRS if filing electronically* March 31, 2017

 

* Employers filing 250+ returns must file electronically

 

“It can be a bit overwhelming,” says Brian Pfeifer, Payce’s Chief Operating Officer. “But if you put in the work ahead of time and don’t wait until the last minute you should be in good shape.”

Of all the new ACA reporting requirements, those under Section 6055 and 6056 are among the most difficult. Employers with a self-insured health plan with minimum essential coverage must

distribute to enrolled employees and file Form 1095-B. Applicable employers with 50+ full-time employees/equivalents must distribute to enrolled employees and file Form 1095-C. If these employers offer self-insured health plans they may use Form 1095-C in lieu of Form 1095-B. For IRS filings, Forms 1095-B and 1095-C are accompanied by transmittal Forms 1094-B and 1094-C.

 

Say Goodbye to Transition Relief

Starting this year, organizations with 50+ employees/equivalents must insure 95% of full-time employees to avoid penalties. Keep in mind that it’s not 95% per year, it’s 95% per month. The IRS will ask for payroll/benefits data to ensure accuracy.

 

Keep an Eye Out for Exchange Subsidy Notices

Large employers should be on the lookout for notices alleging that a full-time employee received subsidized coverage because the employer didn’t provide coverage. Appeals must be submitted within 90 days of receiving the notice. Having a system that tracks benefits will come in handy in such cases.

 

Work Together

HR, the CFO/controller and the accountant/tax adviser should sit down to see that they are in agreement, especially in regard to indicator codes. Involving your payroll vendor will greatly simplify this process.

 

Revisit Compliance Tactics

The big question here is whether you are going to do this yourself or outsource it to a third-party vendor. What did you do last year? Did it work? If you used a vendor, was it a good experience or should you explore other options?

 

Get the Payce ACA Dashboard

Switch to Payce and get the only ACA solution that’s 100% automated and integrated, making it ridiculously easy to evaluate, modify, and report compliance instantly. View your complete compliance picture in a snap for easy, real-time monitoring. Additionally, get individual employee tracking, eligibility notifications/early warning alerts, multi-company status management and look-back measurement support. Call 1-800-729-5910 now to save up to 40% on your payroll processing and get set up for free.

5 Urgent Reasons to Outsource Your Payroll Now!

Monday, August 1st, 2016

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If you’re managing your payroll in-house, it might be costing you more than you realize. There are significant hidden costs—from lost productivity to surprise IRS penalties—that can quietly eat away at your bottom line. Fortunately, there is a simple solution that can help you avoid all the pitfalls: outsourcing. A trusted payroll company can instantly save you serious time, money—and headaches. Here are five of the most critical reasons to outsource your payroll now.

 

1.) More than 200 hours in restored productivity

The average small business owner spends 235 hours a year on payroll. When you consider all that goes into the task—calculating hours, deductions, paid time off, and taxes; printing, signing, and distributing checks, processing direct deposit payments, generating reports, prepping your payroll taxes—it’s easy to see how the time adds up.

 

But you need to understand how much your time is worth in terms of dollar value. Let’s say you bill your clients an hourly rate of $100 for your time. That means that payroll is costing you $23,500 in lost revenue each year ($100 x 235 hours). It’s just not worth it.

 

Instead, look for a payroll partner that offers full-service payroll with the convenience of online self-service. You’ll be able to wrap up each pay period in just a few minutes.

 

2.) Guaranteed government compliance

As an employer, you’re responsible for monitoring hundreds of constantly changing federal, state, and local tax regulations, the newest wage and hour laws, and your Affordable Care Act (ACA) compliance. That’s no simple task: there are currently more than 15,000 tax codes in the U.S., and, on average, one new tax code change is introduced daily. And every mistake can lead to costly penalties. In fact, the penalty for filing incorrect returns for just one employee under the ACA is $500, and it’s estimated that 40 percent of businesses are hit with IRS penalties for payroll tax errors each year.

 

The good news: payroll companies are experts in the most up-to-the-minute tax and labor laws and they guarantee accuracy and compliance. Should a mistake occur, they are the ones handling the liability and corrections—not you.

 

3.) Easier employee retention and recruitment

Payroll errors don’t only cost you money—they can also cost you your people. A 2015 study by Sage UK found that more than one-third of employees would look for a new job if their pay was incorrect just once. The study also revealed that 77 percent of workers would tell other people if they had been paid incorrectly, while nine in 10 employees would be less inclined to work for a company with a history of payroll errors. Outsourced payroll helps ensure that your employees are paid correctly and on-time, every time. And that makes for a happier and more motivated workforce.

 

4.) Worry-free data security

In-house payroll can be one of your business’s biggest security vulnerabilities. Paper records and even most servers leave your data open to both employees and outside forces. Time theft, identity theft, embezzlement, and server hacking are all daily possibilities.

 

With a reputable payroll vendor, however, data security is a standard part of service. Most use a combination of highly secure servers, cutting-edge encryption technology, and redundant data backups to create a digital fortress for your data. You’d have to make a crippling capital investment to try and build the same infrastructure for your business.

 

5.) Day-to-day support that goes beyond payroll

Payroll is just one of the many employer responsibilities that puts your productivity and your bottom line at risk. Look for a payroll vendor that can support you beyond payroll with value-added services like employee handbooks and screenings, retirement services, on-demand HR support, and workers’ compensation payment programs. Having just one partner who can manage all your payroll and HR tasks will make your daily life dramatically easier and give you the ultimate peace of mind.

 

With the highest customer retention rate in the industry, Payce offers businesses a full suite of time-saving payroll and HR solutions and 40% average savings on payroll processing. Visit PaycePayroll.com to learn more or call 1-800-729-5910 to speak to a Payce specialist now.

EZ-IRA TESTIMONIAL: EDIBLE ARRANGEMENTS

Monday, July 4th, 2016

Payce & EZ-IRA

6.23.16

 

I love Payce. All of their solutions are simple. And if I have any questions, I just call my rep, Vicky, and I know it’s taken care of. So when I learned about EZ-IRA, I contacted her right away and said, ‘I want that!’

Up until that point, we hadn’t been able to offer any sort of retirement solution. We’re a smaller organization, and it was just too pricey. And some of our employees weren’t saving for retirement at all, because it was too complicated.

EZ-IRA has solved all of that. It’s affordable for our business and the payroll deductions make it so simple for our employees—they can just set it and forget it. The on-boarding process was easy, too. Eric, our EZ-IRA financial advisor, has met with our whole team and is very accommodating. If I need something, I can just email him. It’s that easy—honestly, the name tells you everything you need to know.

 

Before EZ-IRA, we weren’t able to offer any sort of retirement solution. We’re a smaller organization, and it was just too pricey. And some of our employees weren’t saving for retirement at all, because it was too complicated.

EZ-IRA has solved all of that. It’s affordable for our business and the payroll deductions make it so simple for our employees—you can just set it and forget it. The on-boarding process was easy, too. Eric, our EZ-IRA financial advisor, has met with our whole team and is very accommodating. If I need something, I can just email him. It’s that easy—honestly, the name tells you everything you need to know.

 

Cindy Lane

Owner of 7 Edible Arrangements Franchise Locations

Is Your Payroll Ready for the New State Retirement Program Requirements?

Wednesday, June 22nd, 2016

Graphic (EZ-IRA Retirement Article Post)

In 2015 President Obama directed the U.S. Department of Labor (DOL) to exempt states from Employee Retirement Income Security Act (ERISA) regulations, creating a clear path for state retirement plans. While the DOL rule is not yet final, Maryland has moved forward with the establishment of the Maryland Small Business Retirement Savings Program and Trust, which was enacted by the state legislature and goes into effect July 1, 2016.

Although the program is aimed at small business, in reality it will affect a broad range of employers. It requires all eligible private-sector employers with at least 10 employees to participate. Employees will be automatically enrolled in an IRA, and employers will be required to remit employee contributions via payroll deduction.

Eligible employers are those with 10 or more employees who work 30 or more hours a week that pay compensation through a payroll system or service who do not currently offer an employer-sponsored retirement plan. Other exemptions may apply as the program is implemented.

Creating increased retirement savings has become a priority in Maryland and across the country. An analysis of the Survey of Consumer Finance Data done by the Economic Policy Institute in 2013 showed the median retirement account savings for workers age 50-55 was just $8000*. Statistics from the National Institute on Retirement Security** show that for the typical household whose residents are between 25 and 64, younger households have only $3,000 saved for retirement; those households near retirement age have just $12,000 saved. With the average Maryland Social Security benefit being $1400/month, the lack of savings can quickly become a crisis for many people.

One of the simplest ways to meet this mandate is with an automatic self-directed option, like the new EZ IRA from iVEST and Legg Mason. As Gary Kleinschmidt, Head of DCIO Sales for Legg Mason explains, “iVEZT, through EZ IRA, will provide a simple, inexpensive systematic payroll deduction program for small businesses to offer their employees a chance to save for their retirement. iVEZT’s solution is called EZ IRA for a very good reason – because they are working to make it easy for employers to provide and for employees to participate in retirement savings programs.”

EZ IRA in Maryland is offered exclusively through Payce Payroll. No employer contributions are required and there are no per-employee charges, just one small annual maintenance fee. Form filing requirements and fiduciary liability are not required of employers and the EZ IRA is 100% employee owned and portable. Employees have access to financial advisors to assist with implementation then 24/7 access to real-time account information. Plus, their retirement savings are managed by Legg Mason.

Businesses can get a jump on the Maryland Small Business Retirement Savings Program and Trust requirements by implementing a program like EZ IRA now. Mark Marszal at Payce is happy to help you understand the new program requirements, just give him a call at 1-800-729-5910.

* http://www.epi.org/publication/retirement-in-america/#charts  – Chart 5

** http://www.nirsonline.org/index.php?option=com_content&task=view&id=768&Itemid=48

Payce Payroll and Legg Mason Present EZ-IRA

Wednesday, June 1st, 2016

Payce Payroll is proud to provide EZ IRA, the easiest retirement solution ever, now offered in partnership with iVEZT and Legg Mason. Using simple, automatic payroll deductions, EZ IRA makes it possible for your business – no matter how big or small – to offer a retirement benefit that attracts and retains valued employees.

Legg Mason Press Release: https://lnkd.in/efi9Mve

EZ-IRA New Product Information: https://lnkd.in/emZH7tR

Call us today at 1-800-729-5910 to learn more!

Payce is the preferred or Endorsed Payroll Provider for these organizations