skip to Main Content

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,…

Read More

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…

Read More

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…

Read More

Tax Deadlines for October

Friday, 10/2/2020 Deposit payroll tax for payments on Sep 26-29 if the semiweekly deposit rule applies. Wednesday, 10/7/2020 Deposit payroll tax for payments on Sep 30 - Oct 2 if the semiweekly deposit rule applies. Friday, 10/9/2020 Deposit payroll tax for payments on Oct 3-6 if the semiweekly deposit rule applies. Monday, 10/12/20  Kansas Withholding Tax Deposit Report (Form KW-5)…

Read More

IRS Guidance on Employee Deferral of Social Security Taxes

As you’re no doubt aware, in early August President Trump signed a memorandum allowing employees to defer their share of Social Security taxes between September 1 and December 31, 2020. This was intended as a measure to provide individuals with extra income during this time, but merely delays the payment of these taxes and doesn’t forgive them. And now we…

Read More

Health Savings Account Limits for 2021 and Why You Should Consider Having One

Each year, the dollar limits for many employee benefits and tax-related items are updated for inflation. Usually that happens in November for the next calendar year, but the update for HSAs occurs earlier in the year, and here they are: Health Savings Account (HSA) Contributions for 2021 An individual with self-only coverage under a high deductible health plan can contribute…

Read More

Practice Prudent Spending of Your Paycheck Protection Program Proceeds

The Paycheck Protection Program is the most talked about business provision of all the recent COVID-19 legislation. Many small businesses have applied and received loan proceeds intended to keep people employed during this economic downturn. It's a great program - but be sure you follow the rules, because there's a warning attached. The SBA issued their "interim final rule" (yes,…

Read More

Sick and Family Leave Documentation and FAQs

There are three different types of leave under the Families First Coronavirus Response Act (FFCRA), each with a different duration, pay rate and eligibility criteria. The FFCRA’s paid leave provisions are effective April 1, 2020 and apply to leave taken between April 1 and December 31, 2020. Only businesses with fewer than 500 employees within the United States are subject…

Read More

Business and Individual CARES Act Resources

On Friday, March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes provisions for both businesses and individuals. The purpose of this post is to provide you with a high level overview of this legislation, explain how it integrates with previous COVID-19 legislation, and to direct you to links with additional details. As more…

Read More

COVID-19 Payroll and Tax Resources

This page is intended to be a "one stop shop" for payroll and tax resources that businesses need in order to stay on top of emerging legislation and guidance. Many governmental entities have established COVID-19 web pages listed below. Each heading is a clickable link that will take you to the appropriate page. We will update this page as new…

Read More