As the end of the year approaches, now is a great time for businesses to get a jump start on year-end payroll processing.
Even if you use an outsourced payroll provider, there are some things that you can do to make the year-end processing more efficient.
Zinner & Co. urges our clients who use Intuit QuickBooks Desktop for Windows to upgrade their one-time purchase license before Dec. 10.
The State of Ohio Department of Job and Family Services recently announced a new unemployment insurance tax system will go live in December.
The State of Ohio Unemployment Resource for Claimants and Employers, otherwise known as the SOURCE, will provide users with a friendly, self-service experience, tailored to meet the needs of both claimants and employers.
The Small Business Administration recently announced changes to its COVID-19 Economic Injury Disaster Loan program.
Over the past decade, more people have moved to electronic payments of their monthly bills and expenses.
The days of sitting down and writing checks to pay bills has quickly become a thing of the past. In fact, for many people under the age of 30, they do not know, nor have they ever had a physical checkbook!
One of the most beneficial and underutilized tax credits introduced as a result of the COVID-19 pandemic relief funds is the Employee Retention Credit (ERC).
To date, our clients have filed and claimed ERC refunds exceeding $2,000,000 under this program. Claims for these refunds are included in the filing of original or amended Federal quarterly payroll tax returns.
Men and women who retired as members of the Ohio Public Employees Retirement System, commonly called OPERS, need to be aware of a change that may affect their healthcare coverage.
OPERS retirees who are not of Medicare age will need to opt in during an upcoming open enrollment period in order to receive monthly payments to purchase health coverage. This is required, as the current OPERS group healthcare plan will be terminated at the end of the year.
Not-for-profit organizations, just like other business entities, had significant changes thrust upon them due to the pandemic, and in response, had to make changes to their programming activities, staffing and budgets, among other things.
There are a number of things these organizations learned, as well as short-term and long-term decisions they had to make. They are navigating through the various government funding programs to ensure they are bringing the necessary funds to their organization so they can support people in need. Additionally, they are working with the people they serve to help them determine funds directly available to them, so they do not risk missing out on any well-needed payments.
Shuttered Venue Operators Grants and Restaurant Revitalization Fund Grants can pose accounting challenges.
On Aug. 10, the AICPA released a Technical Question and Answer (TQA) surrounding how a recipient should account for these grants. TQA 5270.01, Recipient Accounting for Shuttered Venue Operators Grants (SVOG) and Restaurant Revitalization Fund (RRF) Grants Received Under the Small Business Administration (SBA) COVID-19 Relief Program provides nonauthoritative guidance about how to account for SVOG and RRF grants. It applies to not-for-profit organizations who were only eligible for SVOG and private businesses entities who were eligible for both grants.
According to Accounting Today, the Internal Revenue Service began sending out letters from its Automated Collection System function in June and restarted the income tax levy program in July.
Suspended last year, the IRS tax levy program includes both tax levy and treasury payments.
