For a long time, there has been discussion and debate about whether an individual should be considered an employee or an independent contractor. The Internal Revenue Service and Department of Labor have a history of auditing this particular area as it has a distinction regarding payroll taxes, … [Read more...] about Contractor vs. Employee: What Are the Differences?
Human Resources
Back by Popular Demand: Tools, Tips & Tidbits for Tax Year 2022
Several COVID-19 related tax provisions are set to expire for the 2022 tax year: Enhanced Child Tax Credit (reverts back to $2,000 per eligible child under age 18) Enhancements to the Dependent and Child Care Credit Expansions to the Earned Income Tax Credit Charitable deduction for … [Read more...] about Back by Popular Demand: Tools, Tips & Tidbits for Tax Year 2022
Federal Unemployment Tax Increasing in New York State and Others
On November 10, 2022, the United States Department of Labor announced that California, Connecticut, Illinois and New York will be credit reduction states for purposes of 2022 FUTA payments. A state is a credit reduction state if it has taken loans from the federal government to meet its state … [Read more...] about Federal Unemployment Tax Increasing in New York State and Others
Retirement Plan Options
As we have reached the midway point of the year, it is a great time to consider your retirement plan options. What accounts or plans do you currently contribute to, and are there opportunities to contribute to more than one type of plan? We always encourage our clients to reconsider their options in … [Read more...] about Retirement Plan Options
Annual Payroll Tax and Form 1099 Update
Payroll Tax Update NYS Paid Sick Leave: New York’s paid sick leave law requires employers to provide up to 56 hours (7 days) of paid sick leave to employees, in addition to New York State provisions providing up to 14 hours of emergency sick time due to Covid-19. This requirement is based on the … [Read more...] about Annual Payroll Tax and Form 1099 Update
Tools, Tips and Tidbits for 2022
By Jenny Willis, Supervising Senior Accountant Tax Year 2022 Key Amounts Standard Deduction - Married filing jointly — $25,900 - Married filing separately — $12,950 - Head of household — $19,400 - Single — $12,950 Child Tax Credit (fully refundable) - Children ages 5 and under: … [Read more...] about Tools, Tips and Tidbits for 2022