Payroll Today

If you’re in the small group health plan market—typically two to 50 employees, but up to 100 employees in some states—you may be getting a break on your group health premiums for the remainder of the year.
The EO raises key payroll questions: Can withholding employees’ Social Security taxes even be suspended without an act of Congress? Can you just ignore it and continue to withhold, as usual? What’s the impact on employees at year-end if you do suspend withholding?
OK, it’s six weeks. Today is the first day borrowers can apply to their lenders for loan forgiveness. And just in time, the Treasury Department has released a new set of FAQs on the topic.
This Friday’s developments may impact your payroll operations. For example: Whether it’s legal or not, an executive order suspending the collection of FICA taxes seems to be in the offing.
Any employer can defer the deposit of its share of Social Security taxes through the end of this year. This tax relief was followed by only vague guidance from the IRS in the form of FAQs and revised Form 941 instructions, but now the IRS has beefed up several of its FAQs.
Now that you’ve filed your second-quarter Form 941—the first form on which you can take the three pandemic-related payroll credits—it’s time to review your math. If you took any of the credits, but goofed on the math, it’s better for you to correct your mistakes now, before the IRS does.
Lots happened on the tax and Treasury fronts in the last week of July. Let’s tie up the little pieces of information we collected during the week.
You can help smooth the transition from employee to consultant by explaining the rudimentary tax rules for the self-employed.
Download a side-by-side chart of the salient payroll or payroll-related provisions of both bills.
Developments with school reopenings–or the lack thereof–raise sticky issues regarding paid leave under the Families First Coronavirus Response Act.