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Employee Retention Credit Expanded for 2021

The coronavirus relief legislation passed at the end of 2020 included an enhancement to the Employee Retention Credit (ERC) that makes it available to more businesses. What is the Employee Retention Credit? The ERC provides for a refundable tax credit for companies that continue to pay their employees, even if the business is closed or experiences a slowdown due to…

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Tax Due Dates for January 15-31, 2021

Friday, January 15, 2021 Pay the final installment of your 2020 estimated tax using Form 1040-ES Deposit payroll tax for December 2020 if the monthly deposit rule applies Kansas Withholding Tax Deposit Report (Form KW-5), monthly filers, December Monday, January 25, 2021 Kansas Consumers' Compensating Use Tax Return (Form CT-10U) - annual filers, previous year Kansas Consumers' Compensating Use Tax…

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Kansas Unemployment Fraud Continues to Rise

We first told you about fraudulent unemployment claims a couple of months ago, and their prevalence has increased since then. The Kansas Department of Labor (KDOL) reports they have stopped more than 100,000 fraudulent claims to date, with more pouring in. As you can imagine, the demand for unemployment payments has skyrocketed during the pandemic - since March 15, 2020,…

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Highlights of the Recent COVID Relief Bill Signed 12/27/20

The Consolidated Appropriations Act, 2021 (CAA) extends some key provisions of earlier legislation, including additional loans under a new Paycheck Protection Program and an additional $300/week unemployment compensation payment (because the previous $600/week allotment expired last July). It also extends a variety of tax provisions set to expire at the end of 2020, including an extension of the Work Opportunity…

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Preparing for Year-End: Non-Payroll Items

Recently, we gave you a list of payroll considerations for year-end. If you missed it, you can read all about it here on our blog. In this article, we'll cover non-payroll issues to be aware of as you navigate year-end. Businesses Let's start with changes to Form 1099 for 2020 If you make payments to non-employees, those payments are no…

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Getting Ready for Year-End: Payroll Considerations

Year-end brings lots of payroll considerations to the forefront. Regardless of whether Kindred CPA processes your payrolls or you do it in-house, if you provide any of the following benefits, you'll need to gather this information to properly account for taxable income on W-2's: Group Term Life Insurance If you pay group term life insurance premiums for yourself or your…

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Payroll Tax Deposits: Know the Rules

Tax + FICA + Medicare Payroll taxes consist of three components: Federal income tax withheld from employee paychecks FICA tax withheld from employee paychecks (6.2% up to the Social Security Taxable Wage Base, which is $137,700 in 2020 and $142,800 in 2021) plus the same amount as the employer contribution to FICA Medicare tax withheld from employee paychecks (1.45% with…

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