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Here is the Update to the Employee Payroll Tax Deferral
Last August, the U.S. Department of Treasury was ordered to defer collecting certain payroll taxes from wages earned between Sept. 1 and Dec. 31, 2020. The Internal Revenue Service (IRS) issued Notice 2020-65 to provide employee payroll tax deferral guidance for...
What are the 2021 Retirement Plan Limits?
The Internal Revenue Service (IRS) has released their 2021 retirement plan limits via Notice 2020-79, containing cost-of-living adjustments for 2021 that affect amounts employees can contribute to 401(k) plans and IRAs, most of which remain unchanged. Key limits that...
How to Report Nonemployee Compensation for 2020
The IRS has released form 1099-NEC (Non-Employee Compensation) for reporting money a business pays to independent contractors. This new form will replace box 7 on the 1099-MISC form. Most businesses will have to file two separate forms, as employers will still need to...
