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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Preparing For A Second Wave Of COVID-19 Cases

Even as stay-at-home orders and restrictions are lifted, daily operations won’t be business-as-usual for many across the country. The coronavirus (COVID-19) pandemic is still going on, despite businesses reopening. Moreover, public health officials and experts are warning of a more devastating second wave of COVID-19 cases. The 2nd wave of COVID-19  cases is drastically worse than the initial coronavirus outbreak. As such, businesses across the country should start planning today so they’re properly prepared to mitigate damage caused by the second wave…

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 20 Costly Employee Benefits & HR Mistakes

Mistakes in employee benefits and human resources can be quite costly to employers—in the form of extra benefits, complaints, lawsuits, government-assessed fines and penalties, and attorney fees, to name a few. Don’t learn the hard way what these mistakes are.   Not timely depositing employee contributions into qualified retirement plans. sometimes wait too long to deposit salary deferrals into a qualified retirement plan. According to the Department of Labor (DOL), such deposits should be made as soon as the contributions can be…

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Costly Mistakes: Failing to Remit Payroll Taxes And Plan Contributions

Like many businesses, you may be feeling the financial crunch these days and be tempted to use the money you deduct for taxes and retirement plan contributions from employees’ wages. Failing to remit payroll taxes and retirement plan contributions in a timely manner is not only a violation of an employer’s legal obligation, but 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, even…

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Determining Whether a COVID-19 Case Is Work-related

The coronavirus (COVID-19) pandemic has created massive change and concern for employers and employees across the world. Even as businesses reopen and employees return to their new normal, the risk of becoming exposed to and ill with COVID-19 is still present. When an employee reports they have COVID-19, employers are faced with the difficult task of determining whether the employee’s illness is work-related. This HR Insights piece will provide an overview of how employers can determine when a COVID-19 case is work-related,…

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