In 2024, if you pay a household worker cash wages of $2,700 or more, you must withhold and pay nanny tax. What will the threshold be in 2025?
employees
Your Weekly Read
Hiring your child to work at your business this summer
Hiring your child at your business this summer? It can be a tax-smart idea. Here are the benefits.
Small businesses can help employees save for retirement, too
Nowadays, even small businesses are often expected to help employees save for retirement. The good news is there are some relatively easy ways to do so.
Should your business offer emergency savings accounts?
There’s a new fringe benefit your business may want to offer your employees: pension-linked emergency savings accounts. Here’s how they work.
Update on IRS efforts to combat questionable ERC claims
Aggressive marketing encouraging businesses to claim the pandemic-related Employee Retention Credit led to many taxpayers erroneously receiving refunds. The IRS has a program that allows them to come forward and repay part of the money before collection efforts begin.
You may qualify for a tax credit for employees who receive tips
If you’re a restaurant owner with employees receiving tips, you may qualify for a lucrative tax break.
Planning ahead for 2024: Should your 401(k) help employees with emergencies?
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law...
PPP loans have reopened: Let’s review the tax consequences
The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax...
Can your business benefit from the Employee Retention Credit?
COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Credit (ERC), which was extended and enhanced in the latest law. Background on...
Need another PPP loan for your small business?
Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of interest for small business owners in the Consolidated Appropriations Act (CAA) is the opportunity to...
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144 W 2nd St
Washington, NC 27889
Washington, NC 27889
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