Recent years have seen a surplus of headlines forecasting and preparing for a post-2020 work environment. In 2022, companies are still facing COVID-19 concerns, and the reality is that professional services firms face new and continued challenges that include navigating the tax implications of various work arrangements and attracting and retaining talent amid shifting labor Read More…
The Employee Retention Tax Credit (ERTC) is a refundable payroll tax credit for wages paid by an employer whose operations were affected by COVID-19. Employers may use ERTCs to offset the employer’s federal payroll tax deposits. Employers are eligible if they actively carried on a trade or business during the calendar years 2020 or 2021, Read More…
BKC, CPAs, PC, a full-service accounting firm with offices in Flemington & Woodstown, New Jersey welcomes Shawn Fuller as a member of the firm’s Accounting Team. Shawn is a graduate of Centenary University with a Bachelor of Science in Business Administration and Management and is pursuing her Masters of Accounting at Rider University. Shawn has Read More…
The Infrastructure Investment and Jobs Act (P.L. 117-58), enacted on November 15, 2021, retroactively terminated the Employee Retention Credit (ERC) for the fourth quarter of 2021. This early termination does not apply if the employer is a recovery startup business, the credit continues to apply to wages paid before January 1, 2022. A “recovery start-up Read More…
Employee benefit plan sponsors need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (Employee Retirement Income Security Act of 1974). This auditing standard was enacted by the American Institute of Certified Public Accountants (AICPA), Read More…
On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. The CAA, 2021 Act greatly expanded the Employee Retention Credit (ERC). The credit is now available to more businesses and extends the date for wages paid through June 30, 2021. Under the CARES Act, the ERC was available to qualified Read More…
On August 8, 2020, President Trump signed an Executive Order, for the Treasury Department to issue guidance related to the deferral of Social Security Taxes, for employees. The deferral will apply to wages that are paid from September 1, 2020 through December 31, 2020. Not all employees will qualify for the payroll tax deferral. Read More…
Programs Available Under the CARES Act From Main St. to Wall St., all businesses have been affected by COVID-19 in one way or another. Businesses that were considered to be essential service business were affected by employees being unable to work due to their need to care for their children, who were now home from Read More…
If you’re a sole proprietor, you have probably wondered at some point whether you’d be better off if you incorporated your business. Here are some facts for you to consider. The single biggest benefit of incorporating a business is limiting an owner’s liability. In theory, a stockholder in a corporation risks only his or her Read More…
When businesses require additional staffing, they hire either an employee or an independent contractor. For an employee, the employer is required to withhold Federal and State income taxes, Social Security and Medicare taxes (which must be matched by the employer), and state unemployment/disability taxes. For an independent contractor, all that is necessary is for the Read More…
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