Executive-in-Residence BiancoCPA: Payroll 101

The Macomb-OU INCubator Executive-in-Residence program invites clients of the incubator to collaborate with business specialists, in an effort to bring the utmost in success to the small businesses of the metro Detroit area.

Payroll 101 Presented by Lori Bianco, CPA and CGMA, of BiancoCPA Payroll compliance is a daunting task. Getting it right can mean significant tax savings. Getting it wrong can mean substantial penalties and interest.

To register for this event, please visit the BiancoCPA EventBrite or contact BiancoCPA at (586) 255-7175.

This primer is designed for those looking to understand the basics of Federal and Michigan payroll tax compliance. Participants will gain a better understanding of how entrepreneurs should manage payroll, for themselves and their employees. The workshop will cover:

• The difference between a W-2 employee and a 1099 subcontractor
• How a company registers with the IRS and the State of Michigan as an "employer"
• Taxes employees and employers pay
• The monthly, quarterly and annual forms that employers are required to file
• When payroll tax payments are due and how employers pay them
• Using QuickBooks for payroll
• Services that payroll processors provide
• How owners take payroll in LLCs versus S-Corporations versus C-Corporations
• How much owners should pay themselves
• Other issues employers should consider

Lori is a Certified Public Accountant and a Chartered Global Management Accountant, as well as being an entrepreneur herself. She is a graduate of Walsh College of Accountancy and Business Administration and has held positions in public accounting and in private industry in the manufacturing sector before founding her own practice in 1997. She is currently "Director of Perfect Service" at Bianco and Company PLC ("BiancoCPA") with offices in Sterling Heights and Novi.

Lori most enjoys the teaching aspect of her profession and welcomes opportunities to impact the success of businesses, no matter how small. She shares her expertise via, among others, her Executive-in-Residence position at the Macomb-OU INCubator, her workshops sponsored by the Macomb County SBTDC at Velocity and the AICPA's participation in the Veteran's Fast Launch Program virtually. She currently holds Board positions at several local non-profit organizations and volunteers her time mentoring young people about money management, financial responsibility, and the challenges and rewards of entrepreneurship.

For more information on the Executives-in-Residence program, please contact Joan Carleton at macINC@oakland.edu or (586) 884-9324.