Employers can no longer claim a tax credit on Form 941 for keeping workers on the payroll. In fact, a new law has discontinued the employee retention credit (ERC) retroactively. The Infrastructure Investment and Jobs Act, signed by President Biden…
Payroll
As companies try to recover from the effects of the pandemic, many want to bring on new hires – but that’s easier said than done. Over half of companies plan to add new workers in the second half of 2021,…
Let your Payroll team know: IRS has specified what information they'll need to include in box 14 of the TY 2021 Form W-2. In Notice 2021-53, the Service said certain wages must be reported in box 14 or in a…
Just as the COVID-19 pandemic impacted many Finance processes, it also affected how Americans work. The latest American Time Use Survey from the Bureau of Labor Statistics (BLS) shows exactly how workers have spent their time over the past two…
New child support orders will look a little different this fall for your Payroll pros. That’s because state and tribal agencies will be required to use the revised Income Withholding for Support (IWO) form. The IWO was revised last year.…
If your company needs to file an amended Form 941-X to claim any new tax credits or correct a quarterly return, heads up: The IRS has released a new draft version of the form. Here’s a preview of the most…
Tell your finance team to get ready! Companies of all sizes will have to prepare for a lower e-filing threshold. IRS recently proposed regulations to change the rules for filing information returns, effective as soon as this year-end. Right now,…
There’s a new version of Form 941 for the second quarter of 2021 with some significant changes your Payroll pros will need to know about. The most recent version of the form was revised in June 2021. Most of the…
Over the years, your Payroll team has quickly adjusted to an earlier filing deadline for Forms W-2. Because of that, the IRS may decide to change the deadline for submitting other key Finance forms. In a recent report, the Electronic…
When your Payroll department receives an Income Withholding Order for Support (IWO) for an employee, it’s crucial to make sure the right amount is being deducted for child support. Employers that don’t withhold per the terms of the order may…
The summer season’s kicking into full gear! Summer holidays are fast approaching. So more employees will likely be taking vacations this year as restrictions lift. And to keep your company in compliance with wage and hour laws, your Payroll team…
Opinion 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…
