Employers who furloughed workers during the coronavirus pandemic may be close to rehiring them as many businesses start opening again. Are you aware of the guidelines you must follow during the rehiring process? Test yourself by answering True or False to the following: If a furlough lasts six months or more, employers are required to [...]
Watch the webinar that Leslie Costigan hosted on May 13 about what you need to know to get your PPP loan forgiven. Read our newsletter on PPP loans (sent 5/11/2020).
We have published several newsletters in the past few weeks to update our clients on how Covid-19 affects your payroll, changes to operations at PayPlus, and resources for small businesses. We will continue to update you as new guidelines are introduced. Here are links to the newsletters: Everything you wanted to know about PPP loan [...]
IRS W-4 procedures: New hire withholding in 2020 vs. 2019 Handling forms with missing info & more The wait is over: The IRS has released the final version of the New Form W-4 – and it’s also cleared up some confusion about tricky situations that may arise with the form. In a recent IRS Payroll [...]
IRS announces late filing penalties for tax returns You already know the importance of filing key tax returns on time with the IRS. But, there’s another factor to keep in mind: Late filing penalties can get costly. In Revenue Procedure 2019-44, the IRS lists the new timely filing penalties for returns such as Forms W-2, [...]
Legal, banking holidays for 2020: Start marking your calendars: You’ll need to know when legal and banking holidays happen, just in case they impact pay cycles or tax deadlines. Also keep in mind: 2020 is a leap year, which means there will an extra day in February that could add an additional payday to your [...]
IRS releases 2020 contribution limits for FSAs and other popular perks New Maximum pretax amounts for payroll deductions In 2020, salary contribution limits are rising for several popular benefits that employers offer their workers. The IRS recently announced the cost-of-living adjustments to these limits in Revenue Procedure 2019-44. Getting up to speed For 2020, employees [...]
IRS releases latest draft of Pub. 15-T: Details for Payroll on withholding New tables and instructions for calculating workers’ taxes The IRS’ second draft of Publication 15-T, Federal Income Tax Withholding Methods, gives you an inside look at what you’ll need to do to calculate employees’ tax withholding next year using each version of Form [...]
The scammers have a new tactic. People are now ignoring their phone calls, which is good. We've all been told that the IRS will only contact us by letter. So now they are sending out SCAM LETTERS! If you receive one of these BEWARE & TAKE IT TO YOUR LOCAL POLICE STATION!
You are required to get each employee's name and Social Security Number (SSN) and to enter them on Form W-2. (This requirement also applies to resident and nonresident alien employees.) You should ask your employee to show you his or her social security card. The employee may show the card if it is available. You [...]
