EMPLOYEE RETENTION TAX CREDIT - UPDATED EMPLOYER GUIDANCE On January 4th, 2021 Congress passed into law The Consolidated Appropriations Act to help all taxpayers impacted by the ongoing Coronavirus pandemic. This $900 Billion package included an additional round of stimulus checks to qualifying individuals, enhanced unemployment...
As we get closer to year-end and the beginning of the new year, businesses that pay vendors for labor or services should ensure they have Forms W-9’s on-file now so that Form 1099 can be issued in January. Form W-9 is a request for each...
The Federal government and NY State continue to pass laws that add layers of compliance relative to their Human Resources functions and payroll processing rules. Therefore, Fuller Lowenberg highly recommends that clients look into a payroll service that will stay on top of keeping their...
Fuller Lowenbreg's Audit Manager, Chris Lowenberg, CPA was recently invited to speak on Mitchell Goldberg's podcast, "Be the Boss of Your Money." Chris and Mitchell discussed the differences between Donald Trump and Joe Biden's proposed tax policies and what voters should know before casting their...
Back in March, it seemed as if we were never going to get to this point. Our worlds were filled with a pandemic, quarantines, layoffs, executive orders, school closings, stimulus checks, increased unemployment benefits, and cancellations. But most of all it was filled with questions....
The U.S. Treasury Department and the Internal Revenue Service issued Notice 2020-65 on August 28th, 2020, regarding the Presidential Memorandum that was issued August 8, 2020. The memorandum allows employers the option to defer withholding and payment of the 6.2% Social Security tax for employees...
Fuller Lowenberg, CPAs has successfully helped over 160 businesses secure approximately $45,000,000 in Paycheck Protection Loans. Although most banks are not yet accepting PPP Loan Forgiveness applications, we are preparing for when they start processing applications. We have set-up a specialized PPP Department within our...
New York is the most recent state to pass a State Labor Law that mandates employers provide sick leave to their employees. Regardless of size, companies must provide sick leave to employees, allowing employees to accrue time based on the number of hours worked per...
As the weeks have gone by without any new coronavirus-related legislation, it appears that the rules and regulations related to the Payroll Protection Program have started to solidify. We thought now would be a good opportunity to review some of the main components of the...
Starting Wednesday, July 15 the IRS’s “People First Initiative”, enacted to protect American’s during the COVID-19 crisis will expire. The “People First Initiative” paused accounts which were utilizing an installment agreement or payment plan from April 1, 2020 - July 15, 2020. The act allowed...
