With the March 11, 2021 passage of the American Rescue Plan Act (ARPA), two long-standing tax credits for taxpayers with minor children received significant enhancements. Child Tax Credit Background: The Child Tax Credit (CTC) previously provided up to a $2,000 credit per qualifying child. This credit began to phase out for taxpayers with adjusted gross income (AGI) > than $400,000…
If you have employees who are eligible for COBRA coverage because of job changes outside of their control, here's good news. They may be eligible to have their premiums fully paid between April 1, 2021 and September 30, 2021. This provision of the recent American Rescue Plan Act (ARPA) applies to employees in these situations: The employee's hours were reduced…
It's a question we hear frequently - how long do you need to keep all those documents? Our records retention guidelines can help - click below for a handy one page guide! Records Retention for Individuals
Did you receive a Form 1099-G for unemployment compensation . . . but you didn't receive unemployment in 2020? Don't ignore it - it means you've probably been the victim of identity theft, and if you do nothing, those amounts will be reported to the IRS as taxable income to you. Report a bogus Form 1099-G to your state's unemployment…
The coronavirus relief legislation passed at the end of 2020 included an enhancement to the Employee Retention Credit (ERC) that makes it available to more businesses. What is the Employee Retention Credit? The ERC provides for a refundable tax credit for companies that continue to pay their employees, even if the business is closed or experiences a slowdown due to…
Friday, January 15, 2021 Pay the final installment of your 2020 estimated tax using Form 1040-ES Deposit payroll tax for December 2020 if the monthly deposit rule applies Kansas Withholding Tax Deposit Report (Form KW-5), monthly filers, December Monday, January 25, 2021 Kansas Consumers' Compensating Use Tax Return (Form CT-10U) - annual filers, previous year Kansas Consumers' Compensating Use Tax…
We first told you about fraudulent unemployment claims a couple of months ago, and their prevalence has increased since then. The Kansas Department of Labor (KDOL) reports they have stopped more than 100,000 fraudulent claims to date, with more pouring in. As you can imagine, the demand for unemployment payments has skyrocketed during the pandemic - since March 15, 2020,…
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…
