Economic Opportunities Committee Update September/October 2021

BY BY FRANK BARRY, CHAIR

Small businesses and startups have to contend with the complexities of payroll preparation. Wouldn’t it be great if there were a guide to help business owners with payroll processing in a language that they can understand?

Charles J. Read has written such a guide, The Payroll Book: A Guide For Small Businesses and Startups. It is the summation of 40-plus years of payroll experience, mostly with small businesses. Read, a Certified Public Accountant, is also a U.S. Tax Court Practitioner and a former member of the IRS’s Service Advisory Council.

The book is broken into three parts: Part 1 covers setting up a company’s payroll. Part 2 describes how to run and calculate a payroll, along with deposits and reporting requirements. Part 3 includes information on many additional essential components. Some, such as record retention, PEO, and employee handbooks, are things business owners need to know to keep themselves out of hot water.

The book explains such elements of payroll as which business entity to choose, how to classify employees and nonemployees, who earns a salary and who is paid hourly, deductions, taxes and penalties, workweeks, pay periods, and paydays.

The glossary is worth the price of the book alone, but you don’t have to buy this book. Charles J. Read, a former Marine, is offering this book free to all veterans.

To receive your free copy, go to https://thepayrollbook.com The discount code is “VIP.”

Your Economic Opportunities Committee will continue to report on resources that can contribute to the success of veteran-owned and disabled-veteran-owned businesses.




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