Payroll & Bookkeeping

/Payroll & Bookkeeping

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. [...]

JMF Office and Recent Legislative Updates

By |2020-03-25T23:20:18+00:00March 25th, 2020|Accounting & Auditing, Construction, Corporate & Partnership Tax, Creative, Design, Entrepreneurs, Estate & Trust, Financial Institutions, Fraud, Health Care, Hospitality, Individual Tax, Internal Control Evaluation, International, Manufacturing, News & Events, Nonprofit, Oil & Gas, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases, SALT, Social Security, Technology, Timber|

Dear JMF Clients and Friends: As we mentioned in our communication on March 14th, we are in unprecedented times. We wanted to share another update of what JMF is continuing to do to serve our clients while maintaining a safe work environment.  This remains a fluid situation and we will continue to communicate with you. [...]

Families First Coronavirus Response Act

By |2020-04-08T14:02:55+00:00March 23rd, 2020|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping|

After a couple of technical corrections by the House, the Senate passed and the President signed into law the Families First Coronavirus Response Act on March 18 (House Bill 6201).  The primary component for employers and employees to understand is the expansion of the FMLA provision and for increased paid sick leave.  The bill [...]