Steer clear of the Trust Fund Recovery Penalty

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because the taxes are considered property of the […]

CARES Act contains two payroll tax provisions to help employers

Opportunities to preserve some cash flow during the coronavirus health crisis are available through the CARES Act whether or not you received a loan through the Paycheck Protection Program. Employee Retention Credits. One of those provisions under the CARES Act allows eligible employers to qualify for a refundable credit against, generally, the employer’s portion of the […]

Direct deposit, pay cards best defense against fraud

It’s payday and the end of a shift at the quick-service restaurant. Employees begin filing out to their cars in the parking lot when one of them is approached by a man asking how much the employee got paid that week. The employee looks at his check and tells him he got paid $225. The […]