2020 – 01/07 The Employee Retention Credit has been extended. To encourage businesses to maintain their workforces, the CARES Act created the Employee Retention Credit, a refundable credit against payroll tax for employers meeting certain requirements. The credit equaled 50% of up to $10,000 in compensation (including health care benefits) paid to an eligible employee from March 13, 2020, through Dec. 31, 2020. The new Consolidated Appropriations Act (CAA) extends the credit for eligible employers that continue to pay wages during COVID-19 closures or reduced revenue through June 30, 2021. Notably, as of Jan. 1, 2021, the CAA hikes the credit from 50% of qualified wages to 70%. Contact us with questions.
Similar Posts
Electric Vehicles Eligible for Federal Tax Credit
2022 -05/26 The IRS has added more electric vehicles to its list of those eligible for a federal tax credit. The tax code provides a credit (of up to $7,500) to purchasers of qualified plug-in electric-drive passenger vehicles and light trucks. The credit phases out over four calendar quarters, beginning when a manufacturer has sold…
Independent Contractor Compensation Reporting
2022 – 07/27 Businesses must withhold employment taxes from employees’ wages and report the wages and the taxes withheld to the IRS. But the reporting obligations for workers who aren’t employees can be trickier. While a business isn’t responsible for withholding employment taxes from nonemployee (or independent contractor) compensation, a business that pays more than…
Expanding succession planning beyond ownership
2021 – 8/25 Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change, a solid succession plan can help prevent conflicts and preserve the legacy you’ve spent years or decades building. But if you want to take your succession plan to the…
Ransomware and Multi-Factor Authentication
2020 – 08/13 You’ve probably heard of a scam called ransomware. The IRS describes it as an invasive software that targets “human and technical weakness to infect a potential victim’s computer, network or server.” It may be downloaded accidently by opening a link or attachment, such as an email solicitation for a fake COVID-19 charity….
Competitive intelligence can give your marketing campaigns an edge
2021 – 11/10 It’s understandable and indeed critical to focus a marketing campaign on the strengths and distinctive benefits of the products or services in question. However, something that’s easy to overlook is how your business and its offerings differ from — and are preferable to — the competition. Making this distinction isn’t as simple…
How to handle evidence in a fraud investigation at your business
2022 – 09/21 Every business owner should establish strong policies, procedures and internal controls to prevent fraud. But don’t stop there. Also be prepared to act if indications arise that, despite your best efforts, wrongdoing has taken place at your company. How you handle the evidence obtained could determine whether you’ll be able to prove…