All businesses must file a number of payroll forms with the IRS in order to properly account for all income and taxes paid to and on the behalf of employees. Two of these forms, the IRS 940 and the IRS 941 are crucial. The first form is an annual form…
As many know, in March of 2020, the Coronavirus, Aid, Relief, and Economic Security Act, commonly known as the CARES Act, was signed into law by President Trump. As a part of this Act, employers received the opportunity to defer a portion of their payroll tax payments and pass that…
Having help around the house can be an enormous benefit for families that are overwhelmed with work, parenting, and other obligations. Hiring a household employee, however, can affect your taxes, so it is important to know what you are getting yourself into. What Is a “Household Employee”? The IRS uses…
Almost anyone who has started a new job in the U.S. has filled out Form W-4, which tells employers how much money to withhold from paychecks for federal income tax. At the end of 2019, the IRS made significant changes to the form. While the revised form calls for more…
The Paycheck Protection Program (PPP), part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides loans to eligible businesses to cover payroll and certain other expenses. The U.S. Small Business Administration (SBA) guarantees the loans, and a portion of each loan is forgivable. While the CARES Act specifies…
Businesses across the country are struggling because of the economic downturn associated with the coronavirus pandemic. Congress has provided a variety of economic stimuli, including the Employee Retention Credit (ERC). This is a payroll tax credit found in § 2301 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act….
Congress has passed two major pieces of legislation intended to stimulate the economy and provide direct support to businesses, their employees, and others hurt by the economic effects of the fight against the coronavirus and COVID-19. Many benefits take the form of refundable payroll tax credits for employers. The IRS…
If you are employed, your boss probably pays many of your taxes for you. Your pay stubs will show withholding for federal income tax, Medicare, and FICA. At the end of the year, you will receive a W-2 showing your total earnings from your job and the total amount of…
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a massive stimulus package that became law on March 27, 2020. In total, the bill provides roughly $2 trillion, making it the largest economic stimulus bill in U.S. history. One noteworthy provision for small businesses involves a refundable employment…
At the end of the year, some employers reward their employees with year-end bonuses. This can be a nice way to close out the year, but it can also bring questions about taxes. How will the IRS treat your year-end bonus when taxes come due in a few months? If…
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