ThomsonReuters

MARCH 15, 2021

This section was added after the American Jobs Creation Act of 2004 was signed into law and covers compensation arrangements, such as salary and bonus deferral arrangements, severance pay arrangements, taxable reimbursement arrangements, and certain in-kind benefits (i.e., American Rescue Plan Act (ARPA) gets signed into law.

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ThomsonReuters

JUNE 21, 2021

In an attempt to provide relief to struggling employers during the coronavirus (COVID-19) pandemic, the Coronavirus Aid, Relief and Economic Security (CARES) Act included a provision that allowed employers to defer the payment of the employer’s share of Social Security tax from March 27, 2020 through December 31, 2020. The Acting U.S.

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ThomsonReuters

MARCH 8, 2021

Perkins established unemployment benefits and pensions for many uncovered elderly Americans with the Social Security Act. Through the Fair Labor Standards Act (FLSA), she established the first minimum wage and overtime laws for American workers and defined the standard 40-hour workweek. Federal News. Senate passes $1.9

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ThomsonReuters

FEBRUARY 10, 2021

The Consolidated Appropriations Act, 2021 (CAA; PL 116-260), contained numerous tax provisions. Amendments to CARES Act Economic Impact Payment Rules. Amendments to CARES Act Economic Impact Payment Rules. While many of those provisions impact tax years 2021 and later, some affect 2020 returns.

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inDinero Tax Tips

DECEMBER 13, 2021

As part of the Consolidated Appropriations Act of 2021, food and beverages are now 100% deductible if purchased from a restaurant. Among other tax changes, the Coronavirus Air, Relief, and Economic Security (CARES) Act created a business tax credit for keeping employees on payroll. Business Meal Deduction.

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ThomsonReuters

DECEMBER 29, 2020

The Consolidated Appropriations Act, 2021 (CAA, 2021) has more than 5,500 pages and comes with a $2.3 The law includes a number of payroll-related provisions aimed at helping employers and workers close out 2020 and begin 2021. Let’s run through some of the most impactful provisions of the CAA for the payroll industry.

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ThomsonReuters

JANUARY 20, 2021

Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Employee Retention Credit (ERC) provides a refundable payroll tax credit for 50% of qualified wages of up to $10,000 per employee for a maximum credit of $5,000 per employee. Background. Expansion and extension of ERC.

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ThomsonReuters

JULY 28, 2021

The CARES Act established the Paycheck Protection Program (PPP) which permitted the SBA to provide forgivable loans to qualified businesses impacted by the coronavirus (COVID-19) pandemic. Small businesses may use the PPP loans for up to 60% of payroll costs and 40% in nonpayroll costs (utilities, rent, and mortgage interest).

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ThomsonReuters

FEBRUARY 22, 2021

The first recorded use of the word “payroll” appeared around 1740 A.D. Over time, payroll has become much more than just paying wages to employees. Benefits and pensions are payroll-related and some human-resource-related duties also involve payroll. Payroll in a Pandemic.

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ThomsonReuters

FEBRUARY 1, 2021

For individuals, he also proposed increasing estate and payroll taxes and lowering the capital gains tax rate for households earning more than $1 million per year. For more articles to help you transform your tax department, read our latest blog posts: A Run Through of the Payroll-Related Provisions of the Latest COVID-19 Law.

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ThomsonReuters

FEBRUARY 12, 2021

Hello payroll professionals and welcome to the first edition of Last Week in PAYROLL. The Democrats’ budget resolution had many amendments introduced to it in the Senate on February 5, 2021, including a topic that has been on the minds of many payroll professionals during the COVID-19 pandemic – teleworking.

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ThomsonReuters

MARCH 1, 2021

This makes a business’s payroll department very important since it is typically an employer’s greatest expense. And arguably the most important (and challenging) time to be a payroll professional, is during the period known as “year-end.” This can make March an interesting month for payroll professionals. Federal News.

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