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 [...]
2020 retirement plans: Key IRS numbers Payroll must know Find out how much workers can contribute As employees start updating their benefits for next year, take note: The IRS has released the 2020 contribution limits for 401(k)s and other qualified retirement plans, along with additional key numbers. Here’s a look at the most important info [...]
SSA announces new taxable wage base for 2020 Heads up: The SSA’s released the new taxable wage base for 2020. As of Jan 1, 2020, the maximum amount of earnings subject to Social Security tax will be $137,700. This is a $4,800 increase over the 2019 taxable wage base of $132,900. Essential withholding info Social [...]
DOL: Intermittent FMLA leave can be used to attend these school meetings Discussions about children’s health need qualify under law Now that the school year’s started, you may see parents take time off from work to attend their children’s school functions. Be aware: In certain cases, this may qualify as intermittent leave under the Family [...]
