Are you sure you’re classifying… and paying… each of your employees correctly? The determination between whether an employee is a standard employee or an independent contractor has always been a source confusion and frustration. It’s essential for businesses to get it right, because the consequences can be costly. Fortunately, the IRS has some fairly clear… Continue reading Are Your Employees… Employees?
Washington wants everyone to get a COVID-19 shot, so it is giving a refundable tax credit to employers who grant paid time-off to staff to receive—or recover from—a vaccination. Small and midsize employers, and certain governmental employers, can claim refundable tax credits that reimburse them for the cost of providing paid sick and family vaccination… Continue reading Employers Get Tax Breaks for Vaccination Leave
Payroll compliance is about meeting your obligations as required by law, which can be confusing and complex. Here are 7 key aspects of payroll compliance. 1. Federal wage and hour laws The Fair Labor Standards Act (FLSA) sets federal wage and hour standards, which are administered by the U.S. Department of Labor. These standards cover:… Continue reading 7 Key Aspects of Payroll Compliance
With wide bipartisan support, Congress has approved the “PPP Extension Act of 2021,” which extends the Payroll Protection Program. It had been scheduled to expire on March 31, but the application deadline is now May 31. The act further gives the SBA another month, until June 30, to process claims made by the new deadline.… Continue reading Popular PPP Loan Program Gets Extension
The Internal Revenue Service is urging people to continue practicing proper cybersecurity habits by securing computers, phones and other devices. Scams and schemes using the IRS as a lure can take on many variations, so practicing personal information security is vital. The IRS works with the Security Summit, a partnership with state tax agencies and… Continue reading Good Habits Prevent Identity Theft