article thumbnail

Your 2021 payroll questions answered.

Business Management Daily

Regardless, you can’t put payroll on hold simply because things are confusing. COBRA tax credits. Our COBRA carrier has provided us with a report detailing the company’s eligibility for the COBRA tax credit for the second quarter. Remote work and payroll software. The FFCRA and accrued sick leave.

Payroll 156
article thumbnail

IRS releases draft coronavirus payroll tax credit forms

Business Management Daily

Quick as jackrabbit, the IRS has released a new draft form and draft instructions for employers that elect to take any of the payroll tax credits contained in the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act. It’s meant to implement the CARES Act’s advanceable payroll credit.

Payroll 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Your COVID-19 payroll questions, our answers

Business Management Daily

However, it’s also apparent that lots of the day-to-day questions Payroll pros have are going unanswered. The first rule of payroll administration—cash is always taxable—is beatable by having employees substantiate their costs by turning in receipts. EFMLA for employees on emergency paid FMLA leave. And they are helpful.

Payroll 52
article thumbnail

The Families First Coronavirus Response Act (FFCRA): What you need to know

Insperity

The FFCRA: Provides federally mandated emergency paid sick leave Expands the federal Family and Medical Leave Act (FMLA) and provides emergency provisions for coverage and eligibility Expands unemployment insurance benefits Provides employer tax credits to qualifying employers for certain costs related to the implementation of this law.

article thumbnail

Payroll in the pandemic: The latest round of FAQs

Business Management Daily

We didn’t wait 32 years to address Payroll pros’ pandemic-related questions, but it’s been long enough. We are a local government, so we must provide paid sick leave to employees without the benefit of getting the payroll tax credit. Must we still report employees’ sick/ family leave in Box 14 of their W-2?

Payroll 40
article thumbnail

Employee retention credit comes with fewer strings

Business Management Daily

Getting a Paycheck Protection Program loan was fraught, limited to employers with fewer than 500 employees, and only covered eight weeks of payroll and expenses. Heads up: Don’t use your third-quarter 941 to claim the credit for wages paid in the second quarter. Corporate tax impacts. Maximum credit per employee: $5,000.

article thumbnail

IRS’ tips from the top at 2020 APA Virtual Congress

Business Management Daily

The American Payroll Association’s annual Congress, held during the week of June 2, was anything but typical. At Tuesday’s first workshop, Payroll Changes for 2020 and Beyond , Andrew Garboden, CPP, Director of Payroll Training at the American Payroll Association and Curtis Tatum, Esq.,