Payroll

October 12, 2020 

Those pushy emails about “e-payments” were probably enticing. Your vendor sent you an invoice—you forwarded it to your payment provider—and they said to the vendor, “Hey, want to get paid faster? Try e-payments! It’s the future!” Little did your vendor realize, “e-payments” is code for virtual cards and credit cards. They would have to pay...…

October 9, 2020 

The survey also found two in three employers (66%) are planning to award annual performance bonuses next year while less than one in 10 (8%) don’t expect to do so. The remaining 26% are undecided. Among respondents who plan to ...

October 9, 2020 

COVID-19 brought financial challenges to much of the public and forced companies to reimagine how business is done. Congress responded with generous relief, much of which runs through the tax code.

October 9, 2020 

The Small Business Administration (SBA) has issued new guidance relating to a change of ownership of a business entity that has received a tax-favored loan under the Paycheck Protection Program (PPP). Although the SBA procedural notice clarifies the rules, it doesn’t provide all the answers. Background: Under the Coronavirus Aid, Relief, and Economic Security (CARES)...…

October 8, 2020 

More than one-third of workers surveyed (34%) said they are more burned out on the job today compared to a year ago. Of those respondents, 30% pointed to having a fuller plate at work as the top reason for rising levels of fatigue.

October 8, 2020 

The U.S. Department of the Treasury and the Internal Revenue Service have issued final regulations updating the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31, 2020.  Prior to the Tax Cuts and Jobs Act (TCJA), if no withholding certificate was in effect for a taxpayer’s periodic payments,...…

October 8, 2020 

The number of Americans seeking unemployment benefits fell for a second week while remaining elevated, as the labor market makes scant progress amid risks of further weakness without additional federal stimulus.

October 8, 2020 

The IRS has electronic filing options, including Free File. Taxpayers and tax professionals should continue to use electronic options to support social distancing and speed the processing of tax returns, refunds and payments.

October 7, 2020 

The AICPA’s most recent Supply and Demand Report shows an interesting trend, one that the industry needs to find a strategy to address. When students first start down the path of becoming an accounting professional, there’s pretty ...

October 5, 2020 

More than half (58%) don’t plan to go back to using cash after the pandemic ends, choosing instead to transition to a cash-free lifestyle. Millennials are leading the charge, with 64% making the switch, followed by 53% of Generation X, and 42% of Boomers.

October 5, 2020 

COVID-19 cases continue to rise following record numbers of new cases reported over the past few months in California, Florida, Texas, and several other states. This recent dramatic increase in cases has caused a sluggish reopening of the economy in ...

Richard D. Alaniz, JD

October 5, 2020 

Policy analysts have stated that taxpayers would save roughly the same 20.5% in tax on their contributions to their 401(k)s. This works out to close to $4,000 for a 45-year-old making the maximum annual contribution. It’s not yet clear if the credit ...