Employers have questions and concerns about deferring employees’ Social Security taxes

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and […]

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Employers on the Hook for Deferred Payroll Taxes

Payroll Taxes Deferred

Late on Friday, the IRS finally issued guidance on President Trump’s Executive Order allowing certain payroll taxes to be deferred in late 2020: Employers can defer withholding and depositing the employee portion only of Social Security. Applies to SS withheld on wages paid from Sept 1 though Dec 31, 2020. Applied only to employees whose […]

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Subchapter V: A silver lining for small businesses mulling bankruptcy

Many small businesses continue to struggle in the wake of the coronavirus (COVID-19) pandemic. Some have already closed their doors and are liquidating assets. Others, however, may have a relatively less onerous option: bankruptcy. Although bankruptcy obviously isn’t an optimal outcome for any small company, there may be a silver lining: A new bankruptcy law […]

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Hiring independent contractors? Make sure they’re properly classified

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an […]

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PPP Forgiveness- Overview and FAQs

PPP Loan Forgiveness is not automatic.  Keep reading to be sure you know what is required.  Key Points: There are specific criteria that must be met for the PPP loan to be forgiven. The CARES Act is currently full of confusion, inconsistency and gray areas regarding forgiveness. You will need to request forgiveness from your lender.  […]

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Answers to questions you may have about Economic Impact Payments

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to get […]

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