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…
Read More 
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…
Read More 
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…
Read More 
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,…
Read More 
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…
Read More 
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…
Read More 
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…
Read More 
SUTA Rate Notices For 2022
The Indiana Department of Workforce Development, recently mailed out 2022 “Merit Rate Notices” to all applicable Indiana employers. Tax agencies in other states will be sending these notices soon if they…
Read More 
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…
Read More 
Don’t Forget! – Year-End To Do List for HR and Payroll
The end of 2021 is quickly approaching. As with 2020, COVID-related policies and regulations impacted payroll and HR in 2021, adding some additional year-end considerations. To help payroll and HR…
Read More