payroll tax
The federal government has enacted various pieces of legislation providing relief to employers, including nonprofits, suffering financially due to the COVID-19 pandemic. While much of public attention has focused on government lending programs, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes two other notable provisions that could aid struggling organizations. 1. Retention…
Read MoreA proposed rule, issued by the U.S. Department of Labor (DOL), would update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. If finalized, the new rule could lead to higher compensation and payroll tax expenses for employers, including nonprofits. What are the current rules? Under the existing regulations, an employer…
Read MoreIf you’re a business owner and you hire your child (or grandchild) this summer, you can obtain tax breaks and other non-tax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll…
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