Payroll Articles
Employee Payroll Tax Deferral
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.
Paycheck Protection Program Flexibility Act
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.
Paycheck Protection Program – Loan Forgiveness
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.
CARES Act: Employer Tax Deferral
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.
Will Your Payroll System be Ready for Form W-4 Overhaul?
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.
Tax Day Results
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.