Payroll Taxes for Employers: What You Need to Know

Payroll taxes for employers can be, well, taxing. They’re a huge responsibility on employers, can’t be late, and they affect how much employers are able to pay employees. While not the only reason, payroll taxes make up the biggest reason why most employers choose a payroll provider or payroll software and don’t do it by […]

Will NJ See a Gas Tax Holiday?

New Jerseyans and Americans across the nation are feeling the economic effects of the Ukrainian at the gas pump. The country has seen gas prices rise an average of $1.00 per gallon this month as markets respond to international uncertainty and President Biden’s executive order banning all Russian oil imports. While gas prices have been […]

IRS Updates and the Recovery Rebate Credit

To say that it’s been a chaotic couple of years at the IRS is a bit of an understatement. While many Americans have experienced frustration with the nation’s taxation agency due to a lack of timeliness or accessibility to have questions answered, it hasn’t been for lack of effort. During the pandemic, the IRS was […]

How to Avoid Delayed 2022 Tax Returns

To avoid having their return delayed for weeks or even months, there are a couple of things taxpayers can do to ensure a speedy return. File as soon as possible, file electronically, and ensure your documents are completely free of any inconsistencies. While the IRS has stated that most 2021 tax returns should be processed […]

Honest Perspectives on Biden’s New Tax Plan

The Biden Administration’s tax proposal as a part of the American Jobs Plan is causing some wealthier Americans to grow concerned that they could end up paying substantially more in taxes if this plan gets passed by congress. Even if you aren’t in a high-income tax bracket, don’t assume that you’ll escape this proposed reform […]

Learn About Your 941-x Tax Refund

The employee retention credit (ERC) is one of the updated tax laws that came into being as a result of the CARES Act in the beginning of the COVID crisis of 2020. The purpose behind this new tax break was to make keeping employees on the payroll a more attractive idea to business owners that […]

Smart Taxpayers’ Guide to Managing PPP Money

As part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses that have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans. Congress has […]

Employee Retention Credit (CARES Act) Part 2

The Internal Revenue Service (IRS) and the Department of the Treasury on May 7, 2020, decided to revise their frequently asked questions (FAQs) guidance on the Employee Retention Credit to allow employers that don’t pay wages but continue to cover the health plan expenses for laid-off or furloughed employees, to qualify for retention credits. As […]

Employee Classification: Exempt Vs Non-Exempt Employees

The differences between exempt employees and non-exempt employees can create a lot of confusion for employers and workers. Irrespective of whether you qualify for overtime pay or minimum wage, or work for more than 40 hours every week, the Fair Labor Standards Act (FLSA) governs the exemption status. Some jobs excluded from the FLSA Statute […]

How Do You Respond to a Payroll Tax Notice?

Every citizen living in the United States is obligated to pay their taxes. Since the process is infamously complex, it requires lots of attention to detail. At times, folks opt for hiring a professional who can do the heavy lifting for you. All tax returns need to be signed under penalties of perjury. This means […]