2024 Dollar Limits
To download a handy chart of 2024 dollar limits for employee benefit plans and various tax items, click on the link below: 2024 Dollar Limits Flyer
Don’t Be Misled by Deceptive Promoters of the ERC!
If you watch TV commercials, you may have noticed a lot of recent ads promoting payroll tax refunds available to employers through the Employee Retention Credit (ERC). The ERC was part of pandemic relief programs available to businesses who were shut down due to the COVID-19 pandemic or had a significant decline in gross receipts during the eligibility period. However,…
Payroll Preparation for Year-End 2022
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…
2023 Dollar Limits
To download a handy chart of 2023 dollar limits for employee benefit plans and various tax items, click on the link below: 2023 Dollar Limits Flyer
IRS Updates Form 941 for Second Quarter 2022
It's time to replace your Form 941 with a new one. Just in time before the end of Q2, the IRS has now issued a new version of Form 941 and its related schedules. If you have a March 2022 version sitting around, it can only be used for first quarter 2022 reporting. The new June 2022 revision should be…
Employer Payroll Responsibilities
IRS Publication 15, Employer's Tax Guide (also known as Circular E), provides a wealth of knowledge for employers. It includes instructions on how to withhold and deposit taxes, how to withhold for supplemental wages (such as periodic bonuses), and filing responsibilities. We've put together a quick overview of employer responsibilities taken from Circular E, which you can download for your…
Employers: Be Sure to Notify Employees of the New COBRA Premium Assistance
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…
Are You a Victim of Identity Theft Due to Unemployment Fraud?
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…
Employee Retention Credit Expanded for 2021
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…
Kansas Unemployment Fraud Continues to Rise
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,…