Careers

Category: Payroll

  • Eligible Businesses: Claim the Employee Retention Tax Credit

    Eligible Businesses: Claim the Employee Retention Tax Credit

    The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Background Back in March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers to hire and retain employees during the pandemic. At…

  • Now More than Ever, Carefully Track Payroll Records

    Now More than Ever, Carefully Track Payroll Records

    The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed, and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the Paycheck…

  • Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes

    Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes

    The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit, and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and…

  • Possible Tax Consequences of PPP Loans

    Possible Tax Consequences of PPP Loans

    If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance…