Valor Payroll Solutions LLC

Think a late payroll tax deposit is no big deal? Here's what the IRS actually charges... 😬⁠ ⁠ The penalties for late payroll tax deposits add up fast, and they're based on how late the deposit is:⁠ ⁠ → 1–5 days late - 2% penalty⁠ ⁠ → 6–15 days late - 5% penalty⁠ ⁠ → 16+ days late - 10% penalty⁠ ⁠ → Still unpaid after IRS notice - 15% penalty⁠ ⁠ And that's just deposits.⁠ ⁠ If you file your return late, there's a separate 5% per month failure-to-file penalty (up to 25%). Pay late? Another 0.5% per month on top of that. Plus interest on everything.⁠ ⁠ If you're the one responsible for withholding income, Social Security, or Medicare taxes and they don't get paid, the IRS can come after you personally through the trust fund recovery penalty. An LLC won’t protect you here! ⚠️⁠ ⁠ Using a third-party to run payroll doesn't automatically get you off the hook either. Unless they're a certified PEO, the IRS still considers you responsible for making sure deposits and filings happen on time.⁠ ⁠ The good news? These penalties don't apply if you have reasonable cause, and a solid payroll partner makes sure you never have to find out.⁠ ⁠ Not sure if your deposits are being handled correctly? Let's talk before the IRS does.⁠ ⁠ #IRSPenalties #PayrollCompliance #SmallBusiness⁠ #PayrollTips #TaxDeadlines

We have a very important payroll announcement…⁠ We are going completely manual.⁠ ⁠ Paper checks only.⁠ Hand calculations.⁠ No direct deposits.⁠ ⁠ Did your stomach sink a little just reading this?⁠ ⁠ That's exactly why payroll should be handled by systems and professionals, not paper, calculators, and crossed fingers. ⁠ ⁠ Thankfully this is just a little April fools from your payroll team! 😅⁠ ⁠ #SmallBusiness #BusinessOwners⁠ #PayrollServices #EntrepreneurLife

“If they set their own schedule, they must be an independent contractor.”⁠ ⁠ That is simply not how worker classification works.⁠ ⁠ There are multiple factors that determine whether someone is a W-2 employee or a 1099 contractor.⁠ ⁠ Flexibility alone does not decide it.⁠ ⁠ If you are controlling the work being performed, directing how it is done, providing the clients, or setting pricing, you are likely looking at an employee relationship.⁠ ⁠ Misclassifying a worker to save on payroll taxes can lead to serious consequences. That can include failure-to-file penalties, failure-to-pay penalties, and being responsible for taxes that should have been withheld in the first place.⁠ ⁠ This remains one of the biggest compliance issues we see small business owners get wrong.⁠ ⁠ If you are unsure about how someone should be classified, it is worth reviewing before it becomes expensive.⁠ ⁠ #EmployeeVsContractor #1099vsW2 #PayrollCompliance #SmallBusinessTaxes #BusinessOwners

Can you hold an employee’s final paycheck until they return company equipment? Short answer: No. 🚫⁠ ⁠ Federal law and most state laws require final wages to be paid on time - even if the laptop, keys, or uniform haven’t been returned.⁠ ⁠ There are rules around deductions, and they’re stricter than many employers realize.⁠ ⁠ 👉️ Swipe through to see what’s allowed (and what could create penalties).⁠ ⁠ If you’re unsure about final pay or equipment deductions in your state, let’s talk before it becomes an issue.⁠ ⁠ #FinalPaycheck #PayrollCompliance #EmploymentLaw⁠ #SmallBusinessTips #HRTips

An employee quits on Friday... do you know when their last paycheck is due? ⏰⁠ ⁠ The answer depends on your state, and whether they quit or were terminated. Get it wrong, and you could face penalties, fines, or even double wages owed.⁠ ⁠ A few examples that surprise employers:⁠ ⁠ → California⁠ Terminate someone? Final check is due immediately. As in that same day.⁠ ⁠ → Texas⁠ Fired? Within 6 calendar days. Quit? Next regular payday.⁠ ⁠ → Colorado⁠ Terminated? Pay immediately. Quit? Next payday.⁠ ⁠ → Oklahoma⁠ Next scheduled payday or within 14 days, whichever is later.⁠ ⁠ And some states, like Alabama, Florida, Georgia, and Mississippi, don’t have specific final paycheck laws - which means you default to your normal payday policies.⁠ ⁠ The key takeaway: “Quit” and “fired” often have completely different deadlines. And multi-state employers can’t assume one rule applies everywhere.⁠ ⁠ If you’re unsure about your state’s requirements, we have a resource page to help you stay compliant: https://lnkd.in/gqnZzMYn⁠ ⁠ Review it before your next termination situation.⁠ ⁠ Looking for more one on one help? Send us an email!⁠ ⁠ #FinalPaycheck #PayrollCompliance #MultiStatePayroll⁠ #SmallBusinessTips #HRCompliance

Hiring a remote employee in another state? Don’t forget about workers’ comp. 🤒🤕⁠ ⁠ Workers’ comp coverage must apply in the employee’s work state, not just where your business is located.⁠ ⁠ For example: If your company is in Oklahoma but your employee works from home in Texas, you likely need Texas listed on your policy.⁠ ⁠ Every state is different.⁠ Some require coverage with just 1 employee.⁠ Others trigger at 3 or 5.⁠ ⁠ If their state isn’t listed and an injury happens, a claim could be denied. Leaving you responsible.⁠ ⁠ Before hiring remote, make sure you:⁠ ✔ Check workers’ comp requirements in their state⁠ ✔ Update your policy to include that state⁠ ✔ Ask about pay-as-you-go options tied to payroll⁠ ⁠ Remote work is great for growth.⁠ Just make sure your coverage grows with your team.⁠ ⁠ Have questions about multi-state workers’ comp? We created a resource dedicated to workers' compensation requirements by state.⁠ ⁠ You can find it here:⁠ https://lnkd.in/g4fjEsTk⁠ ⁠ Need more hands on support? We’re happy to help.⁠ ⁠ #WorkersComp #RemoteWork #MultiStatePayroll⁠ #SmallBusinessCompliance #PayrollTips

How much will it actually cost me to put someone on payroll?”⁠ ⁠ This is one of the most common questions we get. Especially from business owners getting ready to hire their first employee.⁠ ⁠ As a general estimate, you can expect about 10% on top of wages in employer taxes. That includes:⁠ ⁠ - 7.65% for Social Security and Medicare⁠ - Federal unemployment⁠ - State unemployment⁠ ⁠ And depending on your state, you may also have workers’ comp, paid family medical leave, and other required costs.⁠ ⁠ Since every state is different, we built a custom GPT that can break down those cost factors for you.⁠ ⁠ If you’d like access to it (or want help reviewing your numbers) reach out and we’ll send it your way!⁠ ⁠ #PayrollBasics #FirstHire #SmallBusinessHiring⁠ #EmployerTaxes #PayrollPlanning

Reviews like this mean more than we can put into words. ⁠ ⁠ Payroll can feel overwhelming. Our goal is always to make it manageable, clear, and handled.⁠ ⁠ To our clients - thank you for your trust, your referrals, and your partnership. It truly means everything. 🫶⁠ ⁠ ⁠ #SmallBusinessSupport #PayrollServices #BusinessOwners

“If I can’t pay it, I won’t file it.”⁠ ⁠ That’s exactly what triggers bigger problems.⁠ ⁠ In a recent conversation with Lisa Blue of EZER Tax Resolution Specialists, we talked about one of the most common payroll mistakes we see:⁠ ⁠ A business can’t afford to pay payroll taxes… so they don’t file Form 941.⁠ ⁠ Even if you cannot pay, you should still file on time. The failure-to-file penalty can be up to 25% of the taxes owed.⁠ ⁠ And if required employment tax returns aren’t being filed, the IRS can assign a revenue officer. Even before payment is addressed.⁠ ⁠ Not filing doesn’t delay the issue. In fact, it can escalate it.⁠ ⁠ File first. Then work through the liability.⁠ ⁠ We break this down further in the full YouTube episode.⁠ https://lnkd.in/gE9YJVd5 ⁠ If you’re unsure about your 941 filings or payroll tax compliance, it’s worth getting clarity before it becomes reactive.⁠ ⁠ #Form941 #PayrollCompliance #IRSPenalties⁠ #SmallBusinessTaxes #BusinessOwners

Overtime pay just got a federal tax break.⁠ ⁠ Under the One Big Beautiful Bill Act, employees can now deduct the premium portion of their time-and-a-half overtime pay, and the 2026 W-4 includes a line to claim it.⁠ ⁠ This could reduce withholding and increase take-home pay.⁠ ⁠ 👉️ Swipe through for the breakdown and what it means for small business payroll.⁠ ⁠ If you have questions about how this impacts your team, reach out. We’re happy to help.⁠ ⁠ #OvertimePay #PayrollCompliance #SmallBusinessTaxes⁠ #W4Update #PayrollTips