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Learn MoreOpinion letters from agencies like the Dept. of Labor (DOL) provide employers with helpful guidance for compliance. But beware, they aren’t the be-all and end-all for following wage and hour law. Relying too heavily on opinion letters can be a mistake…
Unfortunately, many employees experience financial stress. So, more employers are stepping up to help by offering their workers emergency savings accounts funded by payroll deductions. As the COVID-19 pandemic continues, workers have had trouble saving money for a rainy day.…
Employers just received additional penalty relief for your federal employment tax deposits reduced in anticipation of COVID-19-related tax credits. And it comes straight from IRS. That includes both deposits of withheld income taxes and employment taxes. Under IRS Notice 2021-24,…
It’s sometimes necessary to change your pay cycle. In this situation, it’s key to proceed with caution. Along with any compliance and legal issues that may arise due to state prompt payment laws, you’ll have to address workers’ concerns about…
IRS 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…
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.
