Payroll tax credit for increasing research activities

The PATH Act has a provision that may be beneficial to companies just starting out that do not have any taxable income yet, but are doing research and development (R&D). This provision allows qualified small businesses to take the R&D credit against the employer portion of Social Security payroll tax. A qualified small business is …

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California payroll reporting is going all electronic

The California Employment Development Department (EDD) is reminding employers that Assembly Bill 1245, which was enacted in 2015 will soon require ALL employers to file and pay electronically. This includes all their employment tax returns, wage reports and payroll tax deposits. The changes will be introduced in two phases: Beginning January 1, 2017, all employers …

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IRS Initiative to Help Employers with Payroll Tax Compliance

The IRS recently launched a new initiative to assist employers who are falling behind on their payroll or employment taxes.The Early Interaction Initiative is designed to proactively address payroll tax compliance with an emphasis on precluding delinquencies and/or addressing delinquencies early. Through the initiative, the IRS will identify employers who appear to be falling behind …

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Payroll Records…What Do I Need to Save?

Earlier this year, the IRS and Social Security Administration offered advice to employers in the Spring 2015 SSA/IRS Reporter on payroll record retention. The general record retention rule for payroll records applies to any employer that withholds and pays federal income, Social Security and Medicare taxes. The SSA/IRS Reporter says records relating to the above …

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Internal Control Processes Over Participant Contributions

Are you doing all that you can to ensure that your participant’s accounts are correct?  When was the last time you evaluated your internal controls over participant accounts?  There are a few important steps you can do to beef up your internal control processes in order to increase the probability that your participant’s accounts are …

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