Quarterbacking Your 401K Plan
401K plans are complex and require that all the various service providers to the plan be “on the same page”. These “qualified” plans, along with 403b and 457 government plans,…
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IRS Audits of ERC Tax Credits
I recently came across an article written by Daniel Mayo, a contributing author to Forbes and a national tax partner for Withum, a “top 100” CPA/consulting firm. The article, titled…
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Final Paycheck Rules
When it’s time for the company and an employee to part ways, whether voluntary or involuntarily, it’s always helpful to have a set best practice. One of the most important…
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New Hire Tax Credits – WOTC Quiz
Recent federal tax law extended the Work Opportunity Tax Credit (WOTC) through the end of 2025. This is great news for businesses which generally hire low wage/high turnover positions to…
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Who is An Independent Contractor?
Failing to know the difference between an employee and an independent (1099) contractor can be costly, with stiff financial penalties, and even jail time for the most flagrant violations. Fortunately,…
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New Hire Payroll Forms
When you hire a new employee, it is important to complete all required payroll forms. These forms include the New Hire Reporting Form, W-4, state withholding form (as applicable), and…
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Start 2022 Off Right – Check Your Withholdings!
One way your employees can get the new tax year off to a good start is by checking their federal income tax withholding. They can do this using the Tax…
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HOW TO READ YOUR 2021 W-2
Years ago, W-2 forms were fairly straight-forward, reporting wages paid to your employees along with tax withholdings. The days of simple W-2’s are long gone! Wages reported in boxes 1, 3…
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2022 IRS PAYROLL FIGURES
SOCIAL SECURITY WAGE BASE Wages will be taxed up to $147,000 for FICA in year 2022. The 2022 rates for FICA (6.2%) and Medicare (1.45%) remain unchanged. FUNDING 2022 RETIREMENT…
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S-CORP’S DON’T BLOW THIS!
Special rules must be followed so that 2% or more “S” corporation shareholder-employees can deduct health insurance premiums covering the shareholder, his/her spouse and dependents. IRS Notice 2008-1 permits tax…
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