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Learn MoreIRS just announced a new safe harbor for companies that relied on Paycheck Protection Program deductions-related guidance issued before Dec. 27, 2020. Your business may take some additional expense deductions. That's for businesses that took a PPP loan in Round…
Under the American Rescue Plan Act, employers with 500 or fewer employees can receive payroll tax credits for paid time off they give their people to either get the COVID-19 vaccine or recover from it. Now IRS has clarified how…
The annual Purple Book from the National Taxpayer Advocate is here, and this year’s report contains several recommendations for the IRS to make changes that’ll impact your Payroll and Finance teams. Many of the suggested updates deal with e-filing returns,…
You and your Finance team may want to give your bonus and severance programs a second look. It’s important to make sure they’re aligned with federal standards, if possible. Otherwise, you may have to deal with tricky state wage laws…
IRS Announcement 2021-7 allows for the reimbursement of masks and other types of personal protective equipment to protect against COVID-19. Employees can use any of the following for reimbursements: health flexible spending arrangements (health FSAs)Archer medical savings accounts (Archer MSAs)health…
If your Finance or Payroll folks make special arrangements with an employee to repay debts or overpayments, it’s critical to remind them to get the agreement in writing. This is the best way to protect your company in case any…
You may not think that a few small tasks can impact whether any of your employees are eligible for overtime pay. But be aware: Just a handful of phone calls that employees make in a workweek might affect how the…
The IRS wants to make sure employers accurately repay any Social Security tax they may have deferred as part of COVID-19 relief during 2020. In its most recent Payroll Industry Call, the agency discussed its efforts to resolve persistent issues…
While the $1,400 direct payments got most of the buzz, the American Rescue Plan Act of 2021 (ARPA) contains many provisions that impact employers. Check out five of them in the new law that will most impact you and your…
Supervisors and employees must follow your timekeeping policy as it’s written. Even if the timekeeping policy you have on paper is compliant with the law, if it's ignored, it can work against you. One employer learned that the hard way…
Businesses impacted by the massive storms that hit Texas recently will receive some temporary disaster tax relief. IRS just announced that businesses will now have until June 15, 2021 to file returns and pay any taxes that were originally due…
Making payroll during the coronavirus pandemic has been challenging for many companies. And there’s good news: The IRS wants to reward your efforts by allowing you to take an employee retention credit on your taxes. The agency also just expanded…
Resourceful Finance Pro, part of the Rover Insights Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day's headlines, Resourceful Finance Pro delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.
