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 […]
Tax reform changes to employee benefits tax breaks: 4 negatives and a positive
The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. 4 breaks curtailed Beginning with the 2018 tax year, the TCJA reduces or eliminates tax breaks […]
‘Extender’ bill revives some expired tax provisions
Congress approved this month some last-minute tax law changes to extend some expired provisions into the 2017 tax year. The Bipartisan Budget Act of 2018 extends some tax provisions that expired at the end of 2016. It is commonly referred to as an “extender” bill because it extends expired provisions through the 2017 tax year. […]
Time to begin year-end payroll planning
Preparations are underway for numerous holiday events and outings, but for small business owners, other year-end activities take center stage. The following are some steps that must be taken by business owners who handle their payroll functions in-house: Have employees confirm their address and Social Security numbers. Use the Social Security Administration’s Social Security Number […]
Overtime rules remain the same – for now
Even though a federal judge blocked new overtime rules for salaried employees that would have gone into effect late last year, the issue is apparently still alive. Labor Secretary Alexander Acosta told a meeting of the American Bar Association in November that while the Obama-era planned rule change created a “shock to the system,” he […]
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 […]
Now is the time to prepare to send W-2s
It’s hard to believe, but 2017 is rapidly coming to a close, which means tax season is approaching. One of the important year-end tasks is preparing to send W-2s in January. As was the case for the 2016 tax year, employers again have an earlier deadline to file W-2s with the Social Security Administration. All forms […]
Sparkmon & Associates goes to college
Always looking to continue hiring the best and the brightest, Sparkmon & Associates, CPAs, has hit the college circuit this fall to attend various career fairs. We have been impressed with the caliber of students we have met, and hope to see some of them again soon!
Kim Glaze receives HR certification
Kim Glaze, human resources manager at Sparkmon & Associates, CPAs, recently earned the distinction of being named a Society for Human Resource Management Certified Professional. Achieving this credential required Glaze to successfully complete a lengthy application process, attend an 11-week class and pass a rigorous exam at the end of the course. “We congratulate Kim […]
‘Trashed’ at work: Roadside Cleanup Day
Employees at Sparkmon & Associates, CPAs, got trashed recently. About 20 staff members took some time out of their day Friday, May 19, to hit the roadsides along Iris Drive and Salem Gate Road to pick up litter and debris. More than 30 bags of trash were collected in about an hour’s time, with everything […]