Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2022 - 2023 and 2023 - 2024. Here are last-minute tax...
#payroll
Partners May Not Be Employees
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...
Navigating the Impact of Rising Interest Rates on Personal Finances
As the current 30-year mortgage rate hovers at 8%, and the 10-year treasury approaches 5%, it's crucial to understand the implications of rising interest rates on personal finances. Depending on your life stage and financial situation, these changes can bring both...
Unveiling Disregarded Entity Taxation: IRS Regulations and Implications
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 issued by...
Payroll Taxes and Corona Virus: Struggling to Cover Payroll Costs?
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...
SBA Issues New PPP Loan Guidance: What You Need To Know And FAQs
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...
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 for any RMDs...
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...
5 Ways Your Accountant Can Help You Profit In a Down Economy
In a down economy, making good decisions is critical. These informed decisions should come from accurate financial numbers. Numbers determine which levers to pull to increase your profits. Businesses need to review and analyze their numbers periodically. Many business...
Payroll Protection Plan Forgiveness
Were you one of the lucky companies who received Paycheck Protection Program (PPP) funds? If you want to have those funds forgiven, you are required to spend those funds over the next 8 weeks on employee and office costs. Below is the required guidelines for Paycheck...
Paycheck Protection Program
There is a new emergency loan program that will provide cash-flow assistance to those small businesses impacted by the current COVID-19 quarantine situation. The Paycheck Protection Program, commonly referred to as the PPP, is a program that is structured to fit...
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 fully...
CORE 24- We Are Rolling Out an Exciting NEW Program to Help With Business Ownership!
CORE 24 is an engaging e-learning program for anyone who wishes to advance their business knowledge. It's “Entrepreneurship in a box”. 24 essential interactive business concepts (called “cores”) for business success. Nuggets of wisdom from experienced professionals...
2020 Revised Form W4 – Are You Ready?
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 has been renamed Employee’s...
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 on interest and penalties starts...
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 costs you $869 per year in stolen time. If you have 30...
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 labor...
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, and payroll is a great...
Keep Your UI Rate Low
Did you know that the Colorado Department of Labor and Employment (CDLE) requires all employers with at least one employee to carry Unemployment Insurance (UI)? Unemployment Insurance is a state pool funded by employers to pay employees who find themselves in need of...
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 submit a weekly...
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. The biggest changes...
Something Phishy
"Phishing" is defined as the attempt to gather secure information such as usernames, passwords, credit card info, etc. by posing as a trustworthy business or organization in electronic communication. A common form of taxpayer phishing we have seen lately involves...
Make Life Easier – Outsource Your Bookkeeping!
The tedious task of bookkeeping can quickly consume your precious time. It’s one of those things business owners often put off and rarely enjoy. We understand that when it comes to bookkeeping, a little help can go a long way. That’s why we customize our bookkeeping...
Help Us Reach Our Goal!
Donate to the Payroll Vault SuperStars Sports Challenge to benefit Partners Mentoring Youth! The SuperStars Sports Challenge is a unique sporting event aimed at raising awareness of and funds for Larimer County Partners Mentoring Youth, a one-to-one youth mentoring...
Join us for the Payroll Vault Ribbon Cutting!
Join us next Tuesday, July 29 at 4:30 pm for our Ribbon Cutting Located at the Key2 Accounting & Payroll Vault office 375 E. Horsetooth Rd BLDG 2 STE 101 Fort Collins Hosted by Fort Collins Payroll Vault in conjunction with the Loveland Chamber of Commerce Stop by...
Getting married this summer? You may have some tax planning to do!
We know tax planning isn't high on your wedding to-do list, but here are a couple things to look out for if you're tying the knot this season: Name changes - make sure to report any changes to your name or SSN to the Social Security Administration (SSA). To do that,...