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2024 Social Security Wage Base Update

The wage base limit is the maximum wage that is subject to Social Security tax for that year. In 2023, the Social Security Wage base was $160,200 and is increasing

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Preparing for W-2 and 1099 Season

The holidays are around the corner, and before you know it, January 2024 will be here! Let’s take a look at what you can do now to make the preparations

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Federal 941 Payroll Tax Lookback Procedures

Do you pay Federal 941 payroll taxes on a monthly deposit schedule? If so, it may wise to perform an annual checkup to find out if you are required to

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Penalty Abatement for ERC-related Tax

By Cooper Melvin, J.D., CPA It is no secret that the IRS is backlogged with Employee Retention Credit (ERC) filings and has yet to issue refunds to many businesses that

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Employee Retention Credit – Timing of Qualified Wages Deduction Disallowance

By Steven N. Smith, CPA, JD Initially, the employee retention credit (ERC), enacted by the CARES Act, was not available to paycheck protection program (PPP) borrowers. The passage of the

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