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…
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…
As you’re no doubt aware, in early August President Trump signed a memorandum allowing employees to defer their share of Social Security taxes between September 1 and December 31, 2020. This was intended as a measure to provide individuals with extra income during this time, but merely delays the payment of these taxes and doesn’t forgive them. And now we…
The CARES Act made some significant changes to tax strategies for charitable contributions in 2020 that all taxpayers should be aware of. With everything that's happening, these CARES Act provisions provide a way to benefit worthy organizations in need of assistance while meeting your own giving and financial planning goals. Charitable donors sometimes have to juggle their priorities between providing…
Each year, the dollar limits for many employee benefits and tax-related items are updated for inflation. Usually that happens in November for the next calendar year, but the update for HSAs occurs earlier in the year, and here they are: Health Savings Account (HSA) Contributions for 2021 An individual with self-only coverage under a high deductible health plan can contribute…
The first of the long-awaited guidance on PPP loan forgiveness has now been released by the Small Business Administration (SBA). The PPP Forgiveness Application provides step by step instructions to walk you through the process. There aren’t any surprises in this document, but there is some welcome clarification: Payroll Period One of the most frequent questions we’ve received is whether…
Paycheck Protection Program Well, it's been more than 6 weeks since the CARES Act was signed, issuing in a new set of acronyms we're now all familiar with. If you hear "PPP" now, you automatically know it's the Paycheck Protection Program, right? And attempting to comply with the PPP is probably top of mind for most small business owners right…
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…