September 1 Payroll Tax Deferral

On August 8th, President Trump declared that he was deferring the collection of the employee portion of FICA, a 6.2% payroll tax that funds retirement and disability payments to American workers. However, this amount would have to be repaid by workers in early 2021. Furthermore, if an employee leaves, the employer would be required to[…]

FFCRA Compliance for Q2

Every employer must comply with the Families First Coronavirus Response Act, which gives two weeks of paid leave for COVID-related absences that occur between April 1 and December 31, 2020. The leave is funded by the federal government. The paid leave is reported on the employer’s quarterly Form 941 — so if you use an[…]

PPP Forgiveness Updates

On June 5, the Paycheck Protection Program Flexibility Act was signed into law, extending the time period during which employers have to use the funds and have their loan forgiven. When the PPP was originally designed in March, the expectation was that businesses and organizations would be back to full operation by the end of[…]

PPP Loan Forgiveness Application

The SBA has released their PPP Loan Forgiveness Calculation Form, PPP Schedule A, and PPP Schedule A worksheet. Your bank may have their own loan forgiveness application, but it will likely be similar to the SBA forms. Our newly updated (v5) spreadsheet will assist you with the preparation of your payroll and expense information. The[…]

CARES Act Employee Retention Credit

If you did not receive a Paycheck Protection Program loan, you may be eligible for an Employee Retention Credit of up to $5,000 per employee. This credit is calculated based on employee wages paid, and then claimed when filing the quarterly IRS Form 941. Don’t neglect this funding! Eligible employers are those whose business has[…]