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Category Archives: Payroll
New Credits for Hiring Veterans
Congress recently passed legislation that extends and expands the Work Opportunity Credit (WOTC) for hiring unemployed veterans. This effectively gave a one-year lease on life to the WOTC, but only with respect to qualified veterans who begin work for the … Continue reading
Posted in Payroll, Tax Credits
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Independent Contractor versus Employee Status – A New Focus of the IRS
If you are a small business owner, whether you hire people as independent contractors or as employees will impact the amount of taxes you withhold from their paychecks, as well as how much and what types of taxes you pay. … Continue reading
Posted in Payroll, Tax audits
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Reimbursing Employees for Health Insurance
Many small businesses do not have a group health insurance plan in place for their employees. Yet, as an added benefit, employers may want to reimburse all or a portion of the individual health plan that the employee maintains and … Continue reading
Posted in Health Care, Payroll
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Illinois Small Business Job Creation Tax Credit
There is still time to hire employees for your Illinois business to qualify for the Illinois Small Business Job Creation Tax Credit. By creating at least one new, full-time position that meets the eligibility requirements, you may be eligible to … Continue reading
Posted in Illinois, Payroll
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IRS Phasing Out 8109 Coupons for Tax Payments
The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09). The paper 8109 coupon payment system will be shut down at the end of … Continue reading
Posted in Payroll, Tax legislation, Uncategorized
Tagged eftps, electronic payment, paper coupons
1 Comment
Misclassifying Workers Can Be Costly!
With the current economy, and not always knowing what lies ahead, most business owners and executives tend to be financially conservative and preserve the cash of the business. This conservative approach frequently carries over to hiring activities, with many employers … Continue reading
Hiring Family Members in a Family Business
In today’s tough job market, students seeking summer employment, young adults looking for full-time employment, and college graduates looking to begin their careers are finding it difficult to land a job. The family business may be the only place for … Continue reading
Posted in Business taxes, Payroll, Personal Taxes, Tax Planning
Tagged employing a child, hiring family
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Reasonable Compensation is Becoming a Hot Issue
Corporate officers will sometimes attempt to disguise what should be payment for services as distributions of cash, dividends, and loans as a means of avoiding payroll taxes on the income. Because they are pass-through entities, Sub Chapter S corporations are … Continue reading
Special Payroll Tax Exemption Form Now Available
WASHINGTON — The Internal Revenue Service today released a new form that will help employers claim the special payroll tax exemption that applies to many newly-hired workers during 2010, created by the Hiring Incentives to Restore Employment (HIRE) Act signed … Continue reading
Payroll tax holiday and up-to-$1,000 credit for employers who hire unemployed workers.
A key tax change affecting business was made in the recently enacted Hiring Incentives to Restore Employment (HIRE) Act. To help stimulate the hiring of workers by the private sector, the new law exempts any private-sector employer that hires a worker who … Continue reading
Posted in Payroll, Tax legislation
Tagged Hire Act, Payroll, payroll tax holiday, payroll taxes
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COBRA premium subsidy extended and expanded
On December 19, 2009, the 65% COBRA premium subsidy that was due to expire December 31, 2009 for newly terminated employees was extended. The extension adds another six months to the maximum period that the COBRA subsidy can run, and also extends … Continue reading
Posted in Payroll, Tax legislation
Tagged COBRA, COBRA premium subsidy, insurance, payroll taxes
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New bill would limit employment tax relief on misclassified workers
In another example of the intention by Congress and the IRS to crackdown on misclassification of workers as independent contractors, Rep. James McDermott (D-Wa) introduced legislation that would make it more difficult for employers to receive protection from a potentially … Continue reading
Posted in Payroll, Tax legislation, Uncategorized
Tagged employees, employment, independent contractor, penalties
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Health Bill Would Hit Small Business
Part of a new health-care bill introduced this week includes a provision requiring businesses with over $250,000 in payroll to provide insurance to its employees or pay a penalty of up to 8% of payroll. As I’m sure most small business … Continue reading
Posted in Payroll, Tax legislation
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Will the “Making Work Pay” tax credit hurt you next April?
The new “Making Work Pay” tax credit is being paid to taxpayers in advance through reduced payroll withholding. The reduction was accomplished by tweaking the payroll withholding tables, which does not consider all specific tax circumstances. You may not have … Continue reading
Posted in Payroll, Personal Taxes, Tax Planning
Tagged making work pay, Payroll, withholding
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