Finance expert Mike Periu on the upcoming complexities of Small Business Payroll Processing.
The American Payroll Association has warned that further delays in Congress to determine future tax rates could lead to widespread confusion in early 2013 among small-business owners who need to calculate withholding taxes on their employees’ pay. According to the APA, the majority of small-business owners process their own payroll. If a decision isn’t reached by December 14th, it’s unlikely that owners will have sufficient time to update their payroll processing before the first pay period in 2013. A complicated but potential scenario: temporary extension of current tax laws lasting only a few months. Many payroll programs aren’t designed to handle changes mid-year. Another possible yet complicated solution: Congress reaches an agreement later in 2013 but decides that the changes are retroactive to January 1st.
About Mike Periu
Mike is a seasoned executive with experience in small business finance and management. He is the founder of Proximo, LLC a leading provider of corporate, consumer and small business education and training services with an emphasis on finance and technology.
Mike Periu is also a leading national voice for individual empowerment through financial education and entrepreneurship. He has been interviewed over 500 times in national and international media, including NBC, Univision, CNN en español, Telemundo, HITN, TVE, RTE, SBS, MegaTV and others.
Mike writes regularly for American Express OpenForum, Yahoo! Finanzas and is a Huffington Post contributor.
Mike has degrees in Finance and International Business from Georgetown University. He is on the Board of Directors of the Council for Economic Education and was a Fellow at the Kauffman Foundation’s Labs for Enterprise Creation.
