Pensions, IRAs and 401(k)s are familiar concepts to business owners, yet there is another, lesser-known retirement savings strategy that can result in significant tax savings for certain small business owners….
W-2 Reporting for FFCRA Leave Wages: Who, What, Where, How
Have you paid employees any wages required by the Families First Coronavirus Responses Act (FFCRA)? If so, it is critical to correctly map the earning code for these qualified sick…
Certain Midyear Employee Benefit Changes Temporarily Allowed Due to Coronavirus
Employees now have the opportunity to make changes to qualified benefit elections or newly enroll in an employer-sponsored section 125 plan throughout the remainder of 2020. The IRS introduced this…
PPP Loan Forgiveness Applications Address Several Unknowns
On May 15, 2020, the Small Business Administration (SBA) issued a loan forgiveness application providing instructions for borrowers seeking information on how to more definitively calculate PPP loan forgiveness. On…
Proposed Change to IRS Calculation Option for Personal Use of Employer-Provided Vehicle May Reduce Employee Taxable Income
Employers may soon have another, less costly, option to calculate the tax impact of personal use of an employer-provided vehicle. Under recently proposed regulations, the IRS will allow vehicles with…
