employee

Home|Tag: employee

Employee Retention Credit – Eligibility and Processing – Update August 2021

In August 2021, there have been several updates to the Employee Retention Credit guidance plus the National Conference of CPA Practitioners was extremely critical with some of this recent guidance. As you can read on this post, there are still different areas of this tax credit that are litigious and unclear for tax professionals. We

By |2021-08-20T17:28:09+00:00August 20th, 2021|Categories: Business|Tags: , , , , , , , , , , , |

Are you a student getting a summer job?

In Tax Tip 2021-108, the IRS reminded students and first time employees some important considerations. New employees: Employees (w2) – including those who are students – normally have taxes withheld from their paychecks by their employer. When anyone gets a new job, they need to fill out a Form W-4, Employee's Withholding Allowance Certificate, and

By |2021-08-13T12:06:45+00:00July 28th, 2021|Categories: Individuals|Tags: , , , , , , , |

Employees vs Independent contractors – More legislation in NJ penalizing the misclassification

We have seen different States issuing more legislation in the recent years combating the misclassification of independent contractors, that should have been categorized as employees. If categorized correctly, these employees would have been contributing to social security and medicare at the Federal level, plus unemployment, family leave, etc. at the State level. On July 9,

By |2021-08-20T11:19:16+00:00July 11th, 2021|Categories: Business|Tags: , , , , |

IRS guidance for employers claiming the Employee Retention Credit 2021 Q1 Q2

The IRS provided additional guidance for the Employee Retention Credit for the first two quarter of 2021. The IRS notice addresses some of the changes from 2020 Employee Retention Credit. From the Journal of Accountancy's article, "... As a result of the changes made by the Consolidated Appropriations Act, eligible employers can claim a refundable

By |2021-04-19T01:35:17+00:00April 4th, 2021|Categories: Business|Tags: , , , , |

Employee Retention Credit – Waiting on further guidance

The Employee Retention Credit (ERC) is one of the most complex tax credits in these stimulus packages. Initially, you could not get PPP and the employer retention credit. There was a previous post that discussed this matter. Now, it seems that the IRS is addressing only if no forgiveness PPP is available to the business

By |2021-01-31T03:57:29+00:00January 31st, 2021|Categories: Business|Tags: , , , , |

Employee (w2) vs Independent contractor (1099)

The designation of Employee (w2) vs Independent contractor (1099) is not up to the free will of the parties. It has to follow regulations released by the IRS, DOL, and State authorities. Some business owners might consider that independent contractors might be less costly as there is no employer portion, no payroll processing fees, no workers

By |2021-01-05T11:30:29+00:00June 11th, 2020|Categories: Business|Tags: , , , , , , |

Second Round of Coronavirus relief and Employee Retention Credit

Second Round of Coronavirus relief The second round of Coronavirus relief funding was approved last Friday, so apply as soon as possible through your preferred financial institution. As you might know, the first round of funding lasted less than two weeks and some of the banks had a relatively small allocation running out of funds in a matter

By |2021-01-05T11:39:17+00:00April 29th, 2020|Categories: Individuals|Tags: , , , |

Employee Retention Credit (Option if you do not get or apply for the PPP)

If you are not approved for the PPP or not applying for it, the Employee Retention Credit might be a great option for your business if you continue to have payroll costs. Employers, including tax-exempt organizations, are eligible for the credit if they operate a trade or business during calendar year 2020 and experience either:

By |2021-01-05T11:39:31+00:00April 26th, 2020|Categories: Financial Education|Tags: , , |
Go to Top