If your partnership has been treating you and other partners as employees of a disregarded entity owned by the partnership so the partners can participate in employee benefit plans and receive other employee benefits, you’d better read this. Tax regulations (1) issued...
Melissa Clary Key 2 Accounting Owner Years in industry: 23 College, University: Colorado State University Melissa Clary has been self employed since 2005 and is the former owner of Kruger and Clary, CPAs. She decided to branch out and form Key2...
May 2021 Individual Due Dates: May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 1110. Your employer is...
In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations Act,...
The Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation were extended for 11 weeks. Congress will add $300 to all weekly unemployment benefits. Workers who rely on multiple jobs and have lost income will also be eligible for a weekly...
Paycheck Protection Program (PPP): The relief package creates a second loan from the Paycheck Protection Program, called a “PPP second draw” and allocates $325 billion in aid to small businesses, with a total $284.5 billion of that going to reauthorize the Paycheck...
December 2020 Business Due Dates: December 1 - Employers During December, ask employees whose withholding allowances will be different in 2021 to fill out a new Form W4 or Form W4(SP). December 15 - Social Security, Medicare and Withheld Income Tax If the monthly...
Concerning the requirement that employers offer COVID-19 paid sick leave to their employees, and, in connection therewith, making an appropriation. On the effective date of the act through December 31, 2020, all employers in the state, regardless of size, are required...
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...
Small Business Administration 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...
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 for any RMDs...
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...
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...
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 fully...
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 labor...
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, and payroll is a great...
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 submit a weekly...
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. The biggest changes...