Insights: Governmental Agencies
If you’re hiring independent contractors, make sure they’re properly handled
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether…
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Tax Implications of the Inflation Reduction Act (IRA)
The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden sign into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the budget reconciliation process and is expected to pay for itself and decrease the budget deficit.…
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Standard Mileage Rates Increase
As gas prices continue to soar, the Internal Revenue Service (IRS) announced on June 9 an increase in the optional standard mileage rate for the final six months of 2022. Starting July 1 through December 31, 2022, the standard mileage rate for the business use of employees’ vehicles will increase four cents from 58.5 cents…
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Once You File Your Tax Return, Consider These Three Issues
The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You should hang onto tax records related…
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There Still May Be Time to Cut Your Tax Bill With an IRA
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax…
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Learn More About the Coronavirus State and Local Government Fiscal Recovery Funds
The Coronavirus State and Local Fiscal Recovery Funds (CSLFRF), awarded as part of the American Rescue Plan Act, provides emergency resources for state and local governments as a result of the COVID-19 pandemic. The funding can be used to: Help support essential workers and pandemic response; Reinforce critical public services by funding lost revenue for…
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OSHA Issues COVID-19 Workplace Vaccine and Testing Mandate Guidance
On November 6, 2021, a U.S. federal appeals court issued a stay temporarily blocking the president’s new COVID-19 vaccination-or-testing policy, citing “grave statutory and constitutional” issues with the rule. The Occupational Safety and Health Administration (OSHA) has issued an Emergency Temporary Standard (ETS) regarding the COVID-19 workplace vaccine mandate that is expected to be published…
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HR News You Can Use: Covid-19 Sick Leave
With the recent surge in COVID-19 cases, employers should refamiliarize themselves with the Emergency Paid Sick Leave benefits as extended in The American Rescue Plan Act originally passed in March 2021. While this program is VOLUNTARY for employers, credit is still allowed against applicable employer payroll taxes equal to 100 percent of the qualified sick…
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Look at your employee handbook with fresh eyes
For businesses, so much has changed over the past year or so. The COVID-19 pandemic hit suddenly and companies were forced to react quickly — sending many employees home to work remotely and making myriad other tweaks and revisions to their processes. Understandably, you may not have fully documented all the changes you’ve made. But…
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HR News You Can Use
On March 11, 2021, President Biden signed into law The American Rescue Plan Act (ARPA). This legislation includes several notable items for employers, including an extension of tax credits for voluntary COVID related sick leave and emergency family leave as well as premium assistance for COBRA coverage. Extension of Families First Coronavirus Response Act (FFCRA)…
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