Independent Contractor: A New Definition?
Who counts as an employee versus an independent contractor may be about to change. A DOL proposal suggests revamping employee classification, reclassifying workers who are economically dependent on a company as employees entitled to more benefits and legal protections. The DOL has received 12,469 comments on the proposed rule, so the agency may not issue […]
Changes to premium tax credit could increase penalty risk for some businesses
The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed into law in March 2021, made several significant enhancements […]
Labor Dept. clarifies employee vs. independent contractor rule
Classifying employees or independent contractors has become more muddled during the Covid-19 crisis that has only increased the reliance on gig economy workers. In an attempt to bring clarity, the Labor Department finalized its rule earlier this month for determining whether a worker is considered an employee or an independent contractor. U.S. Secretary of Labor […]
IRS: Employers to repay deferred payroll tax
The IRS issued guidance at the end of August regarding deferral of the employee’s portion of Social Security tax as described in President Trump’s August 8 Presidential Memorandum. The Presidential Memorandum deferred the employee’s portion of Social Security taxes from September 1, 2020, through December 31, 2020. The president’s move was made in reaction to the ongoing coronavirus […]
Work Opportunity Tax Credit extended through 2020
If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). The WOTC was set to expire on December 31, 2019. But a new law passed […]
Overtime rules could bring higher labor costs in the new year
New overtime rules that are expected to go into effect at the first of the year could have a significant impact on employers’ labor costs. There are several components to the final rules issued in September by the U.S. Department of Labor, but the provision that raises the standard salary level for employees to be […]
Antares Group, Inc. serves community through Rockdale Emergency Relief’s School Break Lunch Program
Associates with Antares Group, Inc. came together to donate items for Rockdale Emergency Relief’s School Break Lunch Program. As a result, the firm helped provide lunches to nearly 200 young people in Rockdale County who are home this week during Spring Break, and many of whom rely on free and reduced lunches for their meals. […]
WOTC is a win-win for employers and employees alike
Employers can get credit where credit is due. The Work Opportunity Tax Credit is a valuable and beneficial tool for employers to receive a tax credit for hiring certain workers who face significant barriers to employment. The Work Opportunity Tax Credit generally is based on wages paid to eligible employees during their first year of […]
Employers to face excise tax if not in compliance with ACA
Employers could be receiving notices before the end of the year that they will be fined for not providing minimum essential healthcare coverage to employees under the Affordable Care Act. Applicable large employers may be subject to the excise tax if they do not offer minimum essential coverage to at least 95 percent (70 percent […]
Tax relief offered for employers affected by recent hurricanes
Many lives and businesses were disrupted this fall with several significant hurricanes that tore through the Southeast. In response, the IRS is giving those in areas impacted by the storms extra time to file tax returns. But employers are also given another hand up with a new federal tax credit for eligible employees who were […]