Category Archives: Uncatergorized

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”

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”

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 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? 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?”

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”

How to Be a Great Remote Leader According to FlexJobs, millions of Americans shifted to remote work in 2020. Other studies conducted in 2020 conclude that the growth rate for full-time remote work is expected to double over the next five years. As shown in a 2020 survey by Gartner, over 80% of business leadersContinue reading “How to Be a Great Remote Leader”

Taxation and Economic Nexus: A Review It has been three years since the Supreme Court’s decision in South Dakota v. Wayfair, Inc. The ruling in the Wayfair case changed the standard for when states need to collect sales tax from entities doing business in the state. Before the decision, states taxed only companies with aContinue reading “Taxation and Economic Nexus: A Review”

What Employers Need to Know About FICA Taxes The Federal Insurance Contributions Act (FICA) mandates that employers have to withhold, and also match, certain taxes. FICA consists of Social Security (formally known as the Old-Age, Survivors and Disability Insurance, or OASDI) and the Medicare taxes. The current tax rate for the Social Security tax isContinue reading “What Employers Need to Know About FICA Taxes”

FLSA Mistakes To Avoid Enacted in 1938, the Fair Labor Standards Act governs federal minimum wage, overtime, child labor and record-keeping laws. Failure to follow these laws may come with a price. The U.S. Department of Labor, which oversees the FLSA, says that it recovered an average of $706,000 in back wages per day inContinue reading “FLSA Mistakes To Avoid”

Know the Rules on Unemployment Claims Unemployment benefits are provided through a federal-state unemployment program. It is funded largely by federal and state taxes imposed on employers. The Internal Revenue Service enforces federal unemployment tax laws. The state unemployment agency oversees state unemployment tax as well as the determination and disbursement of unemployment benefits. WhenContinue reading “Know the Rules on Unemployment Claims”