paynorthwest.com/about-us/blog
Score (What’s this?)
Perlu Network score measures the extent of a member’s network on Perlu based on their connections, Packs, and Collab activity.
Outsourced cloud-based human capital management solutions (payroll, time & attendance, benefits administration, HR systems and services, etc.)
Ensure accuracy with required field validation and compliance with government forms like the I-9. System notifications and reminders relieve HR managers from tracking down signatures and approvals when paperwork needs to be completed. HR and operations managers gain greater visibility into each employee You can still access, download and print any electronic form when needed.
This bill impacts employers’ ability to utilize the sick and emergency leave tax credits provided by the Families First Coronavirus Relief Act (FFCRA), employee retention credits through the CARES Act, and to defer employee payroll taxes. If you asked us to set up the FFCRA leave management codes for you in 2020 and you would like to continue making them available for your employees through first quarter 2021 For example, if Q4 2020 gross receipts are less than 80% of Q1 2019 then you would qualify for ERC in Q1 2021. Retro ERC – If you qualify now that the PPP loan restriction has been lifted please work with your accountant or financial advisor to determine the amount of credit you are owed for each quarter of 2020.
PayNorthwest’s Year-End Guide walks you through the important steps for making sure your 2020 payroll reporting is accurate, complete and ready to go for a fresh start in 2021. While many PPP borrowers will not be applying for or receiving forgiveness in 2020, the IRS did hand down important (though disappointing) guidance that if forgiveness is likely, borrowers can not deduct business expenses paid by the PPP loan for this year’s income tax purposes (making the PPP loan, in essence, taxable). Clients of PayNorthwest have access to reports on payroll and payroll-related expenses that can help in making these year-end income tax adjustments. Employee Social Security deferral (Presidential Memorandum): Though little used by employers, the program ends December 31st, 2020.
A lot of questions are coming in from employers and employees regarding the Presidential Memorandum calling for an employee social security payroll tax holiday starting September 1. This leaves employers and the payroll systems they rely on with far too little time and information to make the necessary programming changes and at risk of penalties and interest if they do it incorrectly. ” Payroll systems are not ready because the rules and exact reporting requirements have not yet been spelled out by Treasury, and only after clear guidance from Treasury is in place can payroll system changes be implemented. Until then, employers are wise to avoid this new liability for employee social security taxes by declining the payroll tax holiday at this time.