Over the weekend, President Trump made several announcements relating to additional government assistance in the wake of the coronavirus pandemic. Likely the most notable for business owners is his call to halt payroll taxes for employees earning less than $4,000…
Each year, the IRS compiles a list of 12 common tax scams that taxpayers may encounter during the year. This year, the "dirty dozen" list focuses on scams that target individual taxpayers, with special emphasis on aggressive and evolving schemes related…
What happens when an employee quits and you can’t find her to send a final paycheck? What if a customer has a credit balance on an account and you can’t locate him to return it? Or what happens when you…
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). Keep in mind that if you haven't already filed your 2019 federal tax return, you still have until the July 15 tax filing deadline to contribute to…
Many states are beginning to reopen in phases and employees are being called back to work. In general, most states have provisions that require workers receiving unemployment benefits to be actively seeking work, but many states relaxed that requirement due to…
The coronavirus (COVID-19) pandemic has shut down many sectors of the U.S. economy, causing widespread job losses. Over 10 million Americans applied for unemployment benefits in March, according to the U.S. Department of Labor. And far more claims are expected in…
Many schools and childcare facilities have been closed due to the coronavirus (COVID-19) pandemic, adding to the challenges employees and employers now face. You may have employees asking if dependent care assistance program (DCAP) elections can be changed or revoked.…
The U.S. Department of Labor (DOL) has released the finalized rule on overtime exemptions for white-collar workers under the Fair Labor Standards Act. The rule updates the standard salary levels for the first time since 2004. While it is expected…
With a September 30 deadline looming, employers with 100 or more employees need to prepare and submit EEO-1 Component 2 information. The Component 2 requires employers to report wage information from W-2 forms along with total hours worked by employees…
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a…