The Consolidated Appropriations Act, 2021 (CAA) extends some key provisions of earlier legislation, including additional loans under a new Paycheck Protection Program and an additional $300/week unemployment compensation payment (because the previous $600/week allotment expired last July). It also extends a variety of tax provisions set to expire at the end of 2020, including an extension of the Work Opportunity…
Recently, we gave you a list of payroll considerations for year-end. If you missed it, you can read all about it here on our blog. In this article, we'll cover non-payroll issues to be aware of as you navigate year-end. Businesses Let's start with changes to Form 1099 for 2020 If you make payments to non-employees, those payments are no…
Year-end brings lots of payroll considerations to the forefront. Regardless of whether Kindred CPA processes your payrolls or you do it in-house, if you provide any of the following benefits, you'll need to gather this information to properly account for taxable income on W-2's: Group Term Life Insurance If you pay group term life insurance premiums for yourself or your…
Here's a handy table with the rest of the updated numbers you need to know:
Tax + FICA + Medicare Payroll taxes consist of three components: Federal income tax withheld from employee paychecks FICA tax withheld from employee paychecks (6.2% up to the Social Security Taxable Wage Base, which is $137,700 in 2020 and $142,800 in 2021) plus the same amount as the employer contribution to FICA Medicare tax withheld from employee paychecks (1.45% with…
Background In October, the SBA rolled out loan forgiveness applications for the PPP, with a simplified application for loans of $50,000 or less. Businesses have either 8 or 24 weeks to use the loan proceeds, and 10 months after that to apply for forgiveness before loan payments begin. PPP loans were issued between April 3 and August 8, so the…
Friday, 10/2/2020 Deposit payroll tax for payments on Sep 26-29 if the semiweekly deposit rule applies. Wednesday, 10/7/2020 Deposit payroll tax for payments on Sep 30 - Oct 2 if the semiweekly deposit rule applies. Friday, 10/9/2020 Deposit payroll tax for payments on Oct 3-6 if the semiweekly deposit rule applies. Monday, 10/12/20 Kansas Withholding Tax Deposit Report (Form KW-5)…
The Tax Cuts and Jobs Act (TCJA) generally eliminated the deduction for business expenses considered to be entertainment, amusement, or recreation. However, under the new law, taxpayers can continue to deduct 50% of the cost of business meals as long as those expenses meet these criteria: The expense is an ordinary and necessary expense paid or incurred during the taxable…
The Kansas Small Business Development Center’s COVID-19 webpage offers information for navigating business success during the pandemic. From free webinars to loan resources to state and federal grant opportunities, it’s worth checking out!
