Tax & payroll skills
$130 Billion Left at Paycheck Program. The Senate granted five additional weeks for the remaining money left in the Small Business program to be spent. WASHINGTON — PPP (Paycheck Protection Program) Extension. The Senate voted Tuesday evening to extend a federal loan program by five additional weeks, a surprise move that would allow small...
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The finalized version of the Form 941 revision, Employer’s Quarterly Federal Tax Return, that employers must file starting with the second quarter of 2020 was released the evening of June 19 and includes many new lines for reporting data on coronavirus-related employment tax relief. The 18 new lines on the finalized version of the revised...
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The CARES Act relieves the burden placed upon the economy, but business owners should keep careful records of how they use relief funds. The Top 5 Strategies to Avoid PPP Legal Blunders. The CARES Act was a landmark, $2 trillion piece of legislation that not only provided every American with a $1,200 stimulus check and an...
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Congress just passed the Paycheck Protection Flexibility Act of 2020 and improved the Paycheck Protection Program (PPP) for small-business loans. PPP Loan Forgiveness Guidance 2020. The bill enhances the PPP by increasing the time small businesses can use funds and receive forgiveness from eight weeks to twenty-four weeks and by reducing the payroll cost rule from 75 percent to 60 percent. The President is expected to sign the...
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Updates expected to roll out from January 2020 While each state has a slight variation on the basic type of payroll taxes and California has its own set. Here is an overview of the California payroll updates expected in 2020. There are mainly two types of payroll taxes – one is the deductions that...
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Over the past few weeks, there has been a lot of talk and discussion about the new rules and regulations that will come into action, relating to overtime. Recently, the US Department of Labor announced final updates to the new overtime rule that will allow all employers to offer perks and other benefits to...
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Here are some of the important factors related to the ACA Employer mandate 2019: Who needs to comply – The ACA Employer Mandate applies to all the Applicable Large Employers or ALEs, which includes any organisation that has 50 full time employees or the equivalent of the same. If there are several affiliates to one...
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NOW is the time to focus on 2019 ACA reporting for the IRS The Affordable Care Act was passed in 2010, and the general idea behind it was to make healthcare a lot more affordable and available to a lot more people. Presently, the Affordable Care Act or ACA includes a wide range of...
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Employers playbook on the 2020 Overtime Update First the good news. Employers have till January 2020 to prepare for the Overtime Update. If you have been following the saga, there have been attempts over the years (going back 2015) to increase pay. Notably during President Obama’s tenure the proposed rule (under the Fair Labor...
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How Will The Form W-4 Update Affect Employers? Earlier this year, IRS released an update on Form W-4 and while this will come into effect only next year, there is already a lot of talk surrounding it. In its wake came the draft instructions for 2020 income tax withholding, which included on the employer...
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