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Dec 30, 2020

New COVID-19 Relief Law Signed: What You Need to Know

The Paycheck Protection Program is reopened with over $284B in funds available for new loans. First-time borrowers must have 500 or fewer employees and meet other eligibility criteria. In addition, second PPP loans are available to businesses that received a PPP loan previously if they have 300 or fewer employees and meet other eligibility criteria.

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Nov 19, 2020

Year End Checklist 2020…

Year End Checklist 2020…

  • Audit, Audit, Audit…. Ask employees to verify name, address and social security number.Ensure recent new hires are correct (2020).  Place address update forms in the lunchroom, on bulletin boards
  • Send Self Service flyers to employees who have not registered
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Nov 02, 2020

2021 Pension, Other COLAs Announced

401(k), 403(b), 457(b) Pre-Tax Contribution Limit Remains $19,500 for 2021

The IRS has announced the changes to the dollar limits on benefits and contributions under qualified retirement plans, as well as other items, for tax year 2021 [Notice 2020-79, 10-26-20].

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Aug 13, 2020

3 Deceptively Easy Mistakes to Make if You Deferred Your Deposits of Social Security Taxes

The IRS released Form 941 instructions and instructions to Schedule B for the second, third and fourth quarters of 2020 in late June. Several issues have now arisen with the deferral of the employer’s 6.2% share of Social Security taxes. Designating Deferrals Although employers can’t defer a deposit of Social Security taxes they’ve already made, employers may be […]

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