Many not-for-profits are understaffed in 2022, thanks to a labor shortage and pandemic-related budget shortfalls. Some organizations are filling the gaps with freelancers and contractors. However, such decisions can lead […]
Category: Payroll
Offering Summer Job Opportunities? Double-Check Child Labor Laws
Spring has sprung — and summer isn’t far off. If your business typically hires minors for summer jobs, now’s a good time to brush up on child labor laws. In […]
Undertaking A Pay Equity Audit At Your Business
Pay equity is both required by law and a sound business practice. However, providing equitable compensation to employees who perform the same or similar jobs, while accounting for differences in […]
Important Tax Aspects Of Operating Your Business As A Sole Proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are […]
Making Withdrawals From Your Closely Held Corporation That Aren’t Taxed As Dividends
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution […]
Businesses With Employees Who Receive Tips May Be Eligible For A Tax Credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare […]
3 Specialized IT Leadership Positions For Growing Businesses
For many businesses, technology has changed from something they use to something they do. When a company reaches a point where IT plays a central role in operations and productivity, […]
IRS Announces Adjustments To Key Retirement Plan Limits
In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective […]
Infrastructure Law Sunsets Employee Retention Credit Early
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. […]
Employers: The Social Security Wage Base Is Increasing In 2022
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income […]