When you hire an employee who starts in 2020, you must give them the newly designed Form W-4, which is less complex, more transparent, and makes it easier for your employees’ withholding to match their tax liability. The new form …
Regulations on Charitable Contributions
The Internal Revenue Service issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return. The IRS also stated that taxpayers …
IRS Reminds Taxpayers to Adjust Tax Withholding
This is a good time of year to review your payroll withholding to make sure you are on track with regards to your 2019 income taxes and having the correct amount withheld or paid in with estimated payments. A Paycheck …
What Are the Rules for Paying an Employee Who is Leaving?
We know turnover can be difficult. We have your back when it comes to getting that final paycheck cut and promise to make the process easy. If you are interested in learning more about our payroll services, please feel free …
Don’t Mess with the IRS!
While some tax obligations come with safety valves, such as the option of filing for an extension on income tax returns, there is no leeway with payroll taxes. If you file your reports or make withholding deposits late, the meter …
Employee Theft
Employee time theft is a serious crime and occurs when an employee gets paid for time or work they did not do. If you pay a full-time employee $20 per hour, and they steal ten minutes every day, that employee …
ATTENTION ALL SALES TAX LICENSE HOLDERS
Recently the Supreme Court has voted in favor of the State of South Dakota in the Wayfair Case which might affect your business, with Supreme Court Decision and that Decision Explained. Basically the ruling states that Colorado businesses selling products …
Home Tax Deductions
Home Tax Deductions “Mortgage Interest” – New tax law imposes a lower dollar limit on mortgage qualifying for home mortgage interest deduction. Starting this year taxpayers may only deduct interest on $750,000 of qualified residence loans. This is down from …
529 Education Savings Accounts Plan Changes
K-12 education – 2018 changes allows distributions from 529 education savings account plans to be used to pay up to a total of $10,000 of tuition per beneficiary each year at an elementary or secondary (k-12) public, private or religious …
Check Paycheck Tax Withheld – Avoid Surprises
The passage of the Tax Cuts and Jobs Act, which will affect 2018 tax returns. Checking withholding amounts is important. These tax law changes include: • Increased standard deduction • Eliminated personal exemptions • Increased Child Tax Credit • Limited or discontinued certain deductions …