Employee Retention Credit Now: Where You Stand and What to Do

Employee Retention Credit Now: Where You Stand and What to Do

The employee retention credit (ERC), a credit created during COVID-19, ended on September 30, 2021 (December 31, 2021, for startups), but it’s still alive. How can that be? The reason: The deadline for submitting refund claims has not expired. Many employers claimed the credit, and a number of these are still pending. But there’s been […]
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Employment Taxes: 4 Problems with Solutions

Employment Taxes: 4 Problems with Solutions

If your business has employees—including yourself—there are employment tax obligations imposed on the company (the “employer”) by the federal government. There are also state and local employment tax rules, such as paying unemployment taxes. The failure to follow the rules can result in penalties for the company, or even for you, personally, as the owner. The following are some  problems related to federal employment taxes…and what you can or should do about them. Problem 1:  Misclassifying workers to avoid employment taxes If workers are independent contractors, there are no employment tax responsibilities on the company. This is a substantial cost […]
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