The Financial Accounting Standards Board (FASB) is requiring public companies to disclose expense details involving employee compensation, depreciation of "property, plant and equipment," amortization of intangible assets, and costs capitalized to inventory in their income statements. While it may make…
Payroll
Paying employees by direct deposit is convenient for all involved. But a recent court case is a reminder that funds could end up in cybercrooks' bank accounts. Cybercriminals will seek out any point of weakness. So, continually safeguarding systems and…
The Secure 2.0 Act became law just before the close of 2022, as part of the federal spending bill. Roll up your sleeves – the list of new retirement plan requirements and opportunities for businesses is lengthy. That's not surprising…
It's not too late to get tax relief in the form of the Employee Retention Credit that was created as part of the CARES Act in 2020, then retroactively improved and extended by additional legislation. The credit can still be…
Remember those rosy employment figures the Bureau of Labor Statistics put out last year? More than a million jobs added during the second quarter of 2022, to be specific? Turns out the feds were off by a bit. And no,…
Having employees complete Forms W-4 electronically can be a convenience to you, but be careful: IRS has issued strict guidance, and it's recently been expanded. Employers don't have a "license" to simplify or modify electronic substitutes to paper W-4s, IRS…
Reminder: If you're like many businesses that took IRS up on the pandemic-related relief offer in 2020 to put off paying Social Security taxes, the last payment installment is due by December 31st. If you're experiencing deja vu, there's a…
IRS has finalized the withholding tables Payroll will need in 2023. Whether you have old or new Forms W-4 on file for employees, you can get ready for next year. As you know, IRS did a major overhaul of the…
Although IRS hasn't yet issued final regs giving you extra time to distribute Forms 1095-C to employees, employers can be confident about the deadline. That's because of a statement IRS made in the proposed regs, released December 6, 2021. First…
The federal Work Opportunity Tax Credit (WOTC) could be a boost to your bottom line - a one-time credit up to $9,600 per qualified new hire. To be eligible for a WOTC, employers need to hire workers that qualify as…
You've had a choice about whether to use the redesigned Form W-4P and new Form W-4R during 2022, but the withholding forms won't be optional much longer. The draft version of Publication 15-T, Federal Income Tax Withholding Methods, states that…
Form 1099-MISC and 1099-NEC deadlines are fast approaching, and you don't want an IRS audit revealing that your company sent vendors the wrong form. Determining when to use 1099-NEC for payments of $600 or more to nonemployees can be tricky…
