Payroll & Bookkeeping

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Misclassifying Workers – Seeking Out Section 530 Relief

By |2022-09-26T14:20:28+00:00September 26th, 2022|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping, Press Releases|

The IRS often contests an employer’s classification of workers as independent contractors as opposed to employees. If a worker is labeled as an independent contactor, the employer does not have to pay its fair share of federal payroll taxes, nor does it have to provide costly fringe benefits available to employees. This can result in [...]

Explore the Benefits of SERPs

By |2021-08-18T18:03:29+00:00August 19th, 2021|Corporate & Partnership Tax, Individual Tax, News & Events, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases|

A SERP may sound like a creature from a science fiction movie, but it is actually a popular retirement savings vehicle for the top brass. Typically, the SERP—an acronym for Supplemental Executive Retirement Plan—is used to complement a 401(k) or other qualified plan. It offers generous benefits to a chosen few and enables an employer [...]

ARPA Authorizes COBRA Subsidies

By |2021-05-03T14:10:14+00:00May 3rd, 2021|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping, Press Releases|

The new American Rescue Plan Act (ARPA) includes relief for both individuals and businesses. Case in point: A key provision in the new law provides tax-free COBRA subsidies to ex-employees for a limited period of time. To top things off, employers are entitled to a payroll tax credit for the resulting costs. Background: Under the [...]

ALERT: You Might Have Been a Target of Unemployment Fraud

By |2021-04-27T17:02:06+00:00April 27th, 2021|Entrepreneurs, Fraud, Individual Tax, News & Events, Payroll & Bookkeeping, Press Releases|

The pandemic has seen a dramatic rise in the instances of Unemployment Fraud in the United States.  The Alabama Department of Labor has confirmed nearly 30,000 cases throughout the state.  We have seen plenty of this type of fraud as well. Businesses and employees are being targeted, with scammers using real names to file unemployment claims [...]

Let Us Help You with PPP Loan Forgiveness

By |2020-10-23T14:26:54+00:00October 20th, 2020|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping, Press Releases|

For most PPP loan recipients, the 24-week Covered Period ended during the past several weeks, so now it is time to apply for forgiveness with your lender. The forgiveness application used and amount of documentation required will first depend on the amount of your PPP loan. If you received a PPP loan of $50,000 [...]

Payroll Tax Deferral Due to COVID19

By |2020-09-03T18:52:09+00:00August 31st, 2020|News & Events, Payroll & Bookkeeping, Press Releases|

On Friday, August 28th, the IRS issued Notice 2020-65 to provide details for implementation of the Presidential Memorandum issued by President Trump on August 8th that provided a deferral of certain payroll taxes for employees. What we know now: The employee’s share of Social Security tax withholding (6.2%) is deferred for applicable wages paid [...]

CARES ACT – Employer Social Security Tax Deposits Deferral

By |2020-07-13T15:15:05+00:00July 13th, 2020|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping, Press Releases|

The CARES Act allows for the deferral of the employer’s social security tax deposits from 3/27/20 through the end of 2020.  The deferred amounts must be deposited over the next two years, half of the deferred amount by 12/31/21, and the other half by 12/31/22.  Originally, the CARES Act prohibited PPP recipients from exercising this [...]

What’s Next for the Paycheck Protection Program Loan Recipients?

By |2020-05-12T16:43:19+00:00April 15th, 2020|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping, Press Releases|

Now that many of you have either already or are waiting on your Paycheck Protection Program (PPP) loan disbursements, we though that it would be helpful to provide you with guidance on the how and how much of that loan can be forgiven. EDITOR's NOTE from May 12, 2020: Several updates and information can [...]

Paycheck Protection Program FAQs

By |2020-04-07T14:42:38+00:00April 7th, 2020|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping, Press Releases|

The SBA and the US Treasury issued a Frequently Asked Questions document yesterday. Paycheck Protection Program Frequently Asked Questions April 6 2020  This is helpful as many companies and business owners are having trouble filling out the application.  There is also some disagreement among the banks as to what is allowed or not allowed. [...]