Costly Mistakes: Failing to Remit Payroll Taxes on Time
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Costly Mistakes: Failing to Remit Payroll Taxes on Time

Like many businesses, you may be feeling the financial crunch and are tempted to use money you deduct for payroll taxes from employee wages. Failing to remit payroll taxes and retirement plan contributions in a timely manner is not only a violation of certain payroll tax laws, it can also subject your company to heavy penalties. When employers deduct income and Social Security taxes from employees’ wages, the money is not theirs to use. You must remit the deducted amounts, along with…

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W-2 vs. 1099: How Do They Affect Payroll Tax Liabilities?

Imagine you just hired someone to join your company. But you aren't sure if they're an employee or an independent contractor. Knowing how to compare W-2 vs. 1099 employees is crucial when hiring people. That way, you can take on the right amount of tax liability and manage payroll correctly. Keep reading to learn how these types of workers affect your payroll tax liability. Employee Classifications Classifying employees correctly can affect your payroll tax liability, and it can affect what you offer…

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SBA Announces Simpler PPP Loan Forgiveness for Smaller Loans

The Small Business Administration (SBA) and the U.S. Department of Treasury (Treasury) recently released a simpler Paycheck Protection Program (PPP) Loan Forgiveness Application Form 3508S and instructions. This updated, simple two-page application is for borrowers of $50,000 or less, and is not for use by borrowers who received PPP loans totaling $2 million or more together with their affiliates. This action streamlines the PPP forgiveness process to provide financial and administrative relief to small businesses. The SBA and Treasury have also eased…

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Employee Retention Tax Credits for Businesses Impacted by Corona virus

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) create an employee retention tax credit, which is designed to encourage eligible employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19. The employee retention credit is a fully refundable tax credit equal to 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. This tax credit applies to qualified wages paid after March 12, 2020, and before…

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