In 2020, the CARES Act created a new concept of tax credit called The Employee Retention Credit. This credit did not get a lot of publicity at the time because it was dwarfed by the Paycheck Protection Program and a pandemic. In December 2020, the Employee Retention Credit (ERC) was extended to June 30, 2021. On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA). ARPA extends the…
Read MoreAt first glance, this article topic might seem too simple. After all, to get paid, don’t you just take money out of your business? Well, yes, but there is much more to it in the long run as well as from an accounting side. Let’s take a look. The Traditional Paycheck If you’ve ever worked for someone else, you probably received a paycheck every few weeks. It took care of three major things: Your regular…
Read MoreCongratulations! You are one of the lucky recipients of the Paycheck Protection Program Loan. Not everyone can say the same. Once you receive approval, the bank has ten calendar days to disburse the money. As soon as you receive those funds, the 8-week clock begins to tick. Do not waste time. For the eight weeks immediately following your loan funding, your expenses must meet certain criteria if you hope to have the loan forgiven. Loan…
Read MoreAs the global pandemic brings business and the economy to a grinding halt, you may wonder what steps you can take now to protect your business, your employees, and your customers. CISA.gov lists the Information Technology Sector as one of 16 critical infrastructure sectors needed to stay open and operable during a national crisis. Here are some steps you can take right now to alleviate stress on your business. Payroll The IRS outlined provisions for…
Read MoreFor business owners with employers, payroll is a necessary task that can slow your day and tie you down if you let it. If you’re looking for a way to make payroll less time-consuming, here are five ideas you can put to good use: Employee Onboarding If you hire a lot, empower your new hires by letting them do their paperwork for you. A good payroll system allows employees to “onboard” themselves, completing the I-9,…
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