The Internal Revenue Service’s new feature allows any family to easily update their mailing address for their Child Tax Credit Payments. Any family can easily have their October check and all future checks sent to their new address by using the Child Tax Credit Update Portal to make an address change request. To have the change take effect in October, people need to complete the request before midnight Eastern Time on Thursday, September 30th. Families can still make changes after that date, b…
The Clock Is Ticking Towards The Deadline For Withholding Deferred Social Security Taxes
Employers could defer certain employees’ Social Security taxes from September 1, 2020, to December 31, 2020. This applied to employees paid less than $4,000 every two weeks, or an equivalent amount for other pay periods, with each pay period considered separately. The period during which employers must withhold and pay applicable taxes was postponed from April 30, 2021, to December 31, 2021. As a result, any associated interest, penalties, and additions to tax for late payment of any applicable …
11 Ways To Determine If A Worker Is An Employee (W-2) Or Independent Contractor (1099 NEC)
When you hire Independent Contractors, you want to make sure you are avoiding misclassification. A business that classifies its employee as an Independent Contractor but fails to meet all the regulatory requirements can be subject to a government tax audit or lawsuits.
5 Ways To Address The Labor Shortage Through Efficiencies
Virtually every business is experiencing difficulties in recruiting qualified candidates and retaining quality employees. Instead of spending an outrageous amount of money recruiting a depleted workforce, spending time to improve efficiencies and the work environment can go a long way towards better retention and recruitment success.
Business Travel Is Back – 6 Tips You Need To Know Before Making Your Reservation.
Business travel is back. With the hope that the pandemic is winding down, live conferences, training, and business development mean that travel may once again become part of your business operations. Domestic travel rules are far more stable than International travel but still present issues you need to know.
Millennials In The Workplace: 14 Ways To Attract and Keep Them
Millennials currently account for more than a third of all American workforce participants. They are the largest generation in the US labor force. It is critical that employers strive to make their workplaces conducive to these early to mid-level career professionals. This generation will continue to consume much of the job market in the coming years. This group is large and highly diverse. It is important that employers avoid making assumptions about candidates and employees based only on th…
Why TIN Matching Is Critical To 1099 Compliance
It is common to report an incorrect Tax Identification Number (TIN) or name when filing 1099 forms with the IRS. Sometimes it could be a typo, or it could be because the vendor provides their business name with their social security number (SSN), or vice versa. To prevent the IRS from issuing penalties for inaccurate reporting, it is recommended that you verify the accuracy of the recipient's Tax Identification Number (TIN) before filing 1099 forms.
6 Things You May Not Know About The Child Tax Credit
Some 36 million American families have received letters from the Internal Revenue Service (IRS) notifying them they are eligible for monthly payments of up to $300 per child by expanding an existing tax credit. These payments, approved as part of the American Rescue Plan, allows families to receive a $3,000 annual benefit ($250 each month) for each child aged 6-17 and $3,600 (or $300 a month) for each child under age 6 for the 2021 tax year. What You May Not Know The payments received in…
23 Changes To 2nd Quarter 941
The IRS Announces 23 Changes To 2nd Quarter 941. Aatrix has updated the 941 Form to include 10 new lines and the 13 revised or renumbered lines. Aatrix has tested the new form, and it's ready for 2nd quarter filing.
States Have Started Cutting off Federal Unemployment Benefits This Week
Twenty-five states are ending their participation in the federal unemployment programs beginning June 12th, almost three months before their official expiration on September 6th.
