by Sheri Hart | Oct 26, 2020 | Payroll, Small Business, Tax
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to...
by Sheri Hart | Sep 11, 2020 | Payroll, Small Business, Tax
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s...
by Sheri Hart | Apr 15, 2020 | Business Strategy, Financial Planning, Payroll, Quickbooks & Bookeeping, Small Business, Tax
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families...
by Sheri Hart | Jun 10, 2019 | Financial Planning, Payroll, Small Business, Tax, Uncategorized
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible...