On Friday, March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes provisions for both businesses and individuals. The purpose of this post is to provide you with a high level overview of this legislation, explain how it integrates with previous COVID-19 legislation, and to direct you to links with additional details. As more…
This page was last updated 4/8/20 at 2:30 p.m. and will be updated as new information becomes available. DOL Notice and Reference Guides Affected employers should also post this notice about the new paid leave provisions in a place where employees are likely to see it. Normally this would be in the same spot as your other labor law posters,…
This page is intended to be a "one stop shop" for payroll and tax resources that businesses need in order to stay on top of emerging legislation and guidance. Many governmental entities have established COVID-19 web pages listed below. Each heading is a clickable link that will take you to the appropriate page. We will update this page as new…
As expected, the President has now signed the Families First Coronavirus Response Act, which passed the House last week and the Senate late yesterday. It's anticipated that there will be additional legislation providing guidance and relief as we navigate these unprecedented times. Tax Payment Due Dates First, additional information about what we told you yesterday. The IRS has now issued Notice 2020-17,…
President Trump and Treasury Secretary Steven Mnuchin held a press conference today (3/17/20) with a proposal to extend the tax deadline. While there's a lot of talking going on, right now nothing has changed and individual federal income tax returns are still due April 15. We're closely watching this story and will let you know once any proposals become official…
Monday, March 2 Large food or beverage establishments: file Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips. File Form 2290, Heavy Highway Vehicle Use Tax Return and pay the tax for vehicles first used in January. Farmers and fishermen: File Form 1040, Individual Income Tax Return and pay any tax due. However, you have until April 15…
Are you hiring an employee or an independent contractor? Your answer to this question will make a big different on your business taxes. You need to know the different types of business relationships and what they mean for you as a small-business owner. The Fast Answer In terms of taxes, the difference between an employee and a contractor is simple…
Whether it's for the independence, flexible schedules, or the opportunity to do what you love, many of us have gone out on our own as part of the new "gig economy." We often think of freelancers as people who are writers, graphic designers, or software coders who work from the local coffee shop. But in our increasingly connected world, the…
Late in December, the IRS issued a new Form W-4, which can be found on the IRS website by clicking here. You're probably already familiar with the W-4 as the form your new hires complete to designate the amount of federal tax withholding that shows up on their paychecks. The new Form W-4 is intended to be simpler and more…
It's Tax Identity Theft Awareness Week. Do you know how to protect yourself? Imagine these scenarios: You've finally finished your tax return and your e-file doesn't go through because your return has already been filed. Huh? How did that happen? You get a letter from the IRS about a return that you didn't file. You get an IRS notice that…