If your company has a 401(k) plan, you know it's a great benefit for your employees. Payroll deduction is an easy way to save for retirement, and can provide a tax-advantaged way to grow that important nest egg.But you also know that 401(k) plans come with some critical compliance issues. Both the IRS and Department of Labor (DOL) regulate employee…
Here's a handy table with the rest of the updated numbers you need to know:
Background In October, the SBA rolled out loan forgiveness applications for the PPP, with a simplified application for loans of $50,000 or less. Businesses have either 8 or 24 weeks to use the loan proceeds, and 10 months after that to apply for forgiveness before loan payments begin. PPP loans were issued between April 3 and August 8, so the…
The Kansas Small Business Development Center’s COVID-19 webpage offers information for navigating business success during the pandemic. From free webinars to loan resources to state and federal grant opportunities, it’s worth checking out!
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…
As you probably know, the due date for filing 2019 federal and state income tax returns (for Kansas and Missouri, at least) has been postponed from April 15 to July 15, 2020. The due date for federal estimated tax payments (as well as Missouri) has been postponed to July 15, 2020. The Kansas due date remains April 15, but the…
We have good news and bad news. The good news is that the US government is actively working to provide relief to individuals and businesses in these uncertain times. The bad news is that there are so many relief programs that it’s hard to make sense of all of them! So we’re going to use some sample questions we’ve been…
This page was last updated 4/8/20 at 2:30 p.m. and will be updated as new information becomes available. DOL Notice and Reference Guides Affected employers should also post this notice about the new paid leave provisions in a place where employees are likely to see it. Normally this would be in the same spot as your other labor law posters,…
Each year, the IRS updates numbers based on inflation that affect payroll, retirement plans, and employee benefits. Here are some key figures for 2020: Payroll Social Security Taxable Wage Base - $137,700 Social Security Withholding Percentage - 6.2% Medicare Taxable Wage Base - unlimited Medicare Withholding Percentage up to earnings of $200,000 - 1.45% Medicare Withholding Percentage for earnings above…
