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An employee put in years of service with your company, or is an exemplary worker, but circumstances now lead to his or her departure. You have agreed to pay the employee severance, but you want him or her to receive the full amount, with no...

18 November, 2020

The Social Security Administration has begun the initial rollout of its new electronic Consent Based Social Security Number (SSN) Verification (eCBSV) service. The agency is rolling out the service to selected participants through 2020, and plans on expanding the number of users in 2021. “Our new...

17 November, 2020

If you run a business, you need to know about the following forms. Form W-2 Employers must complete a Form W-2 for each employee. Employee wages, taxes withheld and other payroll related information are reported annually on the W-2. However, W-2s aren't filed directly with the IRS....

16 November, 2020

WASHINGTON — As more tax professionals consider teleworking during COVID-19, the Internal Revenue Service and the Security Summit partners urged practitioners to secure remote locations by using a virtual private network (VPN) to protect against cyber intruders.  A VPN provides a secure, encrypted tunnel to transmit...

13 November, 2020

The IRS has issued final regulations that provide guidance for employers on federal income tax withholding from employees’ wages. The final regulations: address the amount of federal income tax that employers withhold from employees’ wages; implement changes made by the Tax Cuts and Jobs Act...

11 November, 2020

The 1099-NEC is used strictly for reporting independent contractor payments of $600 or more in the course of your trade or business. You will still be required to use the 1099-MISC for such items as royalties, rent, and healthcare payments. What’s old is new again -...

10 November, 2020

Payroll glitches frustrate your workers, create hassles for your HR team, and can cost you money in unnecessary overpayment or penalties for compliance violations. In the past five years, employers paid more than 1.2 billion in back wages due to payroll violations.  Today's post is for SMB owners who...

06 November, 2020

Reconstructing records after a disaster is important for several reasons including insurance reimbursement and taxes. Most importantly, records can help people prove their disaster-related losses. More accurately estimated losses can help people get more recovery assistance like loans or grants.  Whether it’s personal or business property...

04 November, 2020