On September 1 President Trump’s Executive Memorandum dated August 8 went into effect. On August 28 the Department of Treasury issued preliminary guidance on the Memorandum which allows certain employees to delay the payment of payroll taxes from September 1 through December 31.
On June 5, 2020 the Paycheck Protection Program Flexibility Act, which will implement substantial changes to the Paycheck Protection Program (PPP) was signed by President Trump into law. Among other changes, the bill extends the time that businesses have to spend PPP loan funds and alters the forgiveness rules.
The Paycheck Protection Program (PPP) is a loan from your bank backed by the Small Business Administration (SBA) designed to provide a direct incentive for small businesses to keep their workers on the payroll during the COVID-19 crisis.The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll and other specific expenses.
As we continue to wade through the COVID-19 regulations we want to update you on the deferral of employment tax deposits and payments portion of the CARES Act.
The IRS recently released a draft of its new Form W-4. While the new form is not expected to be made available until 2020 employers should be aware of how the new format will affect payroll systems.
Was your tax refund what you expected it to be? Or did you end up owing more than you anticipated? If your taxes this year resulted in a big swing in either direction, it might be time to adjust your W-4.
A pay card is a reloadable prepaid card offered by an employer to pay employees' net wages. Like direct deposit, once an employer deposits funds into the employee's account, the employee can then use the pay card to purchase items, withdraw cash and pay bills. Pay cards also eliminate the need for paper paychecks.
Payroll terminology can look like alphabet soup or a foreign language. And, terms used by the Department of Labor (DOL) or Internal Revenue Service (IRS) can cause even more confusion. Don’t despair, let us guide you on important terms you will encounter when either managing payroll or looking at a paycheck stub.
Employers have a responsibility to accurately calculate, pay and remit payroll deductions from their employees’ pay. Employee satisfaction is key to ensuring your business runs smoothly. A key element to employee satisfaction includes paying wages correctly.
Determining if an employee is exempt or non-exempt under the Fair Labor Standards Act (FLSA) is sometimes challenging. The FLSA requires that most employees in the United States be paid at least the federal minimum wage for all hours worked and overtime pay at time and one-half the regular rate of pay for all hours worked over 40 hours in a workweek.
