Secure Act 2.0 Update
Delay in the effective date that requires any catch-up contributions made by higher‑income participants in DC plans to be designated as after-tax Roth contributions from 2024 to 2026.
Category Archives: Tax Compliance
Depositing and Reporting Employment Taxes
Depositing and Reporting Employment Taxes As an employer, you are required to uphold the responsibility of payroll taxes. As such, you must also ensure that you understand what the rules are, especially due to how complex they are in nature. First and foremost, a good place to start is by ensuring that you are awareContinue reading “Depositing and Reporting Employment Taxes”
The Tax Situation When You Have Employees
The Tax Situation When You Have Employees
Once you have at least one person working for your business, you’re an employer. Being an employer comes with a wide range of responsibilities, including withholding, depositing and paying employment taxes. How can you make sure you’re fulfilling all your tax duties to avoid getting hit with fines…
Is This Your Situation: Considering Pay-As-You-Go Workers’ Comp Insurance
Is This Your Situation: Considering Pay-As-You-Go Workers’ Comp Insurance Pay-as-you-go workers’ compensation insurance is designed to smooth out the premium changes that occur during the year as employees come and go. Premium payments are made at the end of each payroll cycle and are based on the actual payroll cycle, so there’s no need forContinue reading “Is This Your Situation: Considering Pay-As-You-Go Workers’ Comp Insurance”
Payroll Tax Rates and Contribution Limits for 2022
The payroll tax rates and contribution limits for 2022 have been released, and there are lots of changes. Click through to see exactly what is changing so you can make plans for the coming months.
Sick and Family Leave Reporting Guidance
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”
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.
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”
Connecticut Compliance Change (CT Public Act 19-25) Updates
On January 1, 2021, the Medical Law takes effect in Connecticut. The State Administered Insurance Program allows eligible employees to receive partial wages when they have medical or any other emergencies as part of Paid Family and Medical Leave[1]. The program endowment will be made from the employee’s contribution, not their employer. As of January 1, 2022, eligible employees with a full working year contribution may request claims for the State wage benefits.