The Treasury Department and the IRS have issued Notice 2021-53, which provides guidance to employers about using Form W-2 to report the amount of qualified sick and family leave wages paid to employees for leave taken in 2021. This is welcome news for many taxpayers, as this guidance covers the Families First Coronavirus Response Act asContinue reading “Sick and Family Leave Reporting Guidance”
Author Archives: boatswainassociates
Planning Ahead for Tax Credits and Deductions
Everybody wants to pay as little in taxes as possible. Most people use software or hire an accountant to help them find all the deductions they can subtract from their taxable income and all the credits they can subtract from their final bill. But most tax breaks require you, the taxpayer, to plan ahead. EvenContinue reading “Planning Ahead for Tax Credits and Deductions”

As businesses reopen their offices, how do your employees feel about your company and its future? Click through to take the pulse of your culture to ensure your employees’ experience at work infuses them — and you — with a sense of well-being.
Is This Your Situation: Tired of Getting Penalties on Tax Filings
If you file your tax return and pay your taxes on time, or if the IRS owes you a refund, you may never have to worry about IRS penalties. But if you file or pay late, or if you commit some other serious infraction, you could be on the hook for a penalty. If you’reContinue reading “Is This Your Situation: Tired of Getting Penalties on Tax Filings”
State and Local Tax Considerations for Remote Employees
Until the pandemic, no one could have envisioned how profoundly remote employment would affect the workplace. The rise of the hybrid office has led to some complex tax questions. Click through for some thoughts on how tax rules apply in a remote or hybrid environment.
Paid Time Off and State Regulations
Paid Time Off and State Regulations Many employees delay using their accrued time off, and so firms have rewritten their paid time off (PTO) policies to allow unused days to roll over into the next year. Does your state require employers to pay out PTO? If your company has locations in many states, you needContinue reading “Paid Time Off and State Regulations”
Employee Burnout: More Than Bad Attitude
Employee Burnout: More Than Bad Attitude Employee burnout is a real problem that impacts productivity and employee satisfaction. It is not something that can be overlooked as a “bad attitude.” The World Health Organization (WHO) recognizes burnout as “a syndrome conceptualized as resulting from chronic workplace stress that has not been successfully managed,” and listsContinue reading “Employee Burnout: More Than Bad Attitude”
Why Use Time and Attendance Software?
Why Use Time and Attendance Software? Documentation is key to wage and hour compliance. Simplify time tracking by automatically calculating hours worked as well as vacation time, holidays, sick days and overtime. There was a time, not so long ago, when time sheets were filled in manually. Spreadsheets were the next development, but today, managersContinue reading “Why Use Time and Attendance Software?”
Is This Your Situation: Learning The Essentials of Payroll Tax
Is This Your Situation: Learning The Essentials of Payroll Tax 1. Extra compensation must be carefully timed. Incentivizing employees with bonuses is a great way to boost performance, and it’s important that the bonus checks are distributed at the same time that payroll taxes are paid. Otherwise, you could be subject to a penalty. TheContinue reading “Is This Your Situation: Learning The Essentials of Payroll Tax”
Employee Retention Credit: Further Guidance
Employee Retention Credit: Further Guidance In COVID Tax Tip 2021-123, the IRS clarifies some of the confusion surrounding the powerful but complex Employee Retention Credit. The IRS is addressing changes made by the American Rescue Plan Act of 2021 that apply to the third and fourth quarters of 2021. These changes include: Making the credit availableContinue reading “Employee Retention Credit: Further Guidance”