While much attention has been focused on the Paycheck Protection Program, there are two additional programs designed to help COVID-19 affected businesses retain employees: Employee Retention Tax Credit (ERTC) and Employer Social Security Tax Deferral. The Employee Retention Tax Credit …
SBA Issues New PPP Loan Guidance: What You Need To Know And FAQs
SBA Issues New PPP Loan Guidance: What You Need To Know And FAQs On June 22 the Small Business Administration (SBA) issued new Interim Final Rules (IFR) on the recently passed Paycheck Protection Program Flexibility Act (PPPFA), clarifying some issues …
Required Minimum Distributions from Retirement Accounts in 2020 are Waived Under the CARES Act
Anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. The 60-day rollover period …
Relief for Taxpayers Affected by COVID-19 Who Take Distributions or Loans from Retirement Plans
The CARES Act provides that qualified individuals may treat as corona virus-related distributions up to $100,000 in distributions made from their eligible retirement plans (including IRAs) between Jan. 1 and Dec. 30, 2020. A corona virus-related distribution is not subject …
Economic Impact Payments to individuals
Commonly referred to as “stimulus checks” or “recovery rebates”, Economic Impact Payments to individuals are a key provision of the Corona virus Aid Relief, and Economic Security (CARES) Act legislation that Congress passed to help reduce the financial burden of …
Payroll Tax Credits Surrounding the Paid Leave related to Coronavirus
Coronavirus-related paid leave for workers and payroll tax credits for small and midsize businesses Under the Families First Act, small and midsize employers will be able to take advantage of refundable payroll tax credits. This credit will enable employers to …
The Importance of Tracking Employees Time
When a business utilizes a timekeeping system for tracking employees time, they typically have fewer payroll errors. For example, time is not inflated, it’s easier to track overtime and vacation accruals, and it assists with staying in compliance of current …
Keep Your Employees Happy; Outsource Payroll
A happy staff is typically more productive. Businesses can save money by employing one productive person rather than two unproductive people. You may be wondering what you can do to keep your staff happy and productive. There are several ways, …
Certified Payroll Reports Are Complicated
If your company has been awarded a contract for a federally funded project, you must pay your workers at least prevailing wages (including fringe benefits) according to the Davis-Bacon Act. You will be required to pay your employees weekly and …
Payroll is changing…we have the solution!
Change is sometimes concerning for business owners, but to have vitality in today’s business market it is important to go through justifiable change to not only make your business better, but to also make your workforce happier and more efficient. …