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Payroll

New IRS Guidance Allows for a Payroll Tax Holiday: Should Your Employees Participate?

By Legal, Payroll
  The IRS issued Notice 2020-65 on August 28, allowing employers to suspend withholding of employees' Social Security payroll taxes as part of COVID-19 relief. The IRS is essentially giving employees a loan to try and help them through a tough period but it remains to be seen whether those employees who often live paycheck to paycheck will be able to afford to repay the loan, through a doubling of their payroll deductions next spring.…
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What You Need to Know About Filing Yet Another New Form 941 for Q3

By Legal, Payroll
The IRS plans to publish the newest version of the Form 941-X in late September. The new Form will allow for corrections to the new lines added to the Quarter 2 Form 941 and allow for reporting related to the new Payroll Tax Holiday. Juggling the multitude of changes in these forms in 2020 is proving difficult for employers. While we’re waiting for the final version of the new forms to be published, it’s critical…
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Payroll Protection is the Next Big Thing

By HR, Payroll
While government and financial institutions prepare to implement the stimulus package, businesses should be getting ready to apply for a Payroll Protection Program (PPP) loan. We wanted to share some resources that are helpful to review in order to understand what you will need to do next regarding payroll protection for employees. Check out the U.S. Chamber's guide to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Watch this webinar replay of the…
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It’s W-2 Season! The Deadline is January 31

By Legal, Payroll
Anyone who works at a job for a living is likely familiar with the W-2 that arrives in the mail and that must accompany their tax returns. We thought it would be useful to provide a quick review of this essential IRS form – its purpose and employer responsibilities for distributing it. The purpose of the W-2 The W-2 tax form is also known as a Wage and Tax Statement. It shows the amount of…
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Is it Time to Change Your Backup Withholding?

By Legal, Payroll
By the end of each year, I’m usually approached with questions from clients who have received their W-2 form and are concerned about owing taxes when it comes time to square up with the Internal Revenue Service (IRS). It’s good practice to make sure that your backup withholding is up to date so that you avoid unwanted surprises. If you’re an employer, it’s helpful to be aware of the hardship that employees could experience if…
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Engaged to be Waiting, or Waiting to be Engaged?

By HR, Legal, Payroll
One of the most common questions for employers determining compensable time is how to handle on-call situations. If an employee is on-call, is he or she eligible to be paid for the on-call time? The answer lies in the restrictions the employer places upon the worker during the on-call period. To make this determination, there are two key questions that employers should consider. 1. Does the employer control the location where employees must wait? Per…
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Human Resources Issues for Restaurants: Why You Can’t Ignore Them

By Benefits, Payroll, Safety
It’s always amazed us at MarathonHR how many restaurants—even fairly large ones—don’t have a Human Resources (HR) department, or even an HR professional on staff who handles payroll, workers’ comp claims, and other issues that restaurants face. They also may not outsource any of their HR functions to another firm. In the most bare-bones situations, the owner does it all. We have worked with a lot of restaurants and have seen, firsthand, that not having…
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How Will the Tax Cuts and Jobs Act Impact Your Workers’ Taxes?

By HR, Legal, Payroll
The Tax Cuts and Jobs Act has taken effect and you and your employees may have noticed a change in take-home pay. This happened because the marginal tax rate dropped for the average individual, but that doesn’t mean they can keep the extra money. If most of your employees received an increase in their pay, it might be prudent to caution them not to celebrate, just yet. An increase in take-home pay will not necessarily…
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W-2s and You

By Legal, Payroll
Until this year, employers had two dates to keep in mind when preparing 1099’s and W-2s. Beginning with 2016 forms, employers will now have one filing deadline for all Federal information returns - January 31, 2017. This applies for both employee and agency copies, or whether filing paper or electronic returns. The state of Georgia has also adopted the new January 31 filing deadline. You also need to know that the penalties for missing the…
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Overtime Overhaul

By HR, Legal, Payroll
The U.S. Department of Labor (DOL) is close to making a final decision regarding salary levels eligible for overtime pay exemptions. The anticipated outcome is expected to more than double the current annual exemption level of $23,660 to somewhere between $47,000 and $50,000. This change is expected to impact many people including executives, administrators and professionals. For this reason, the new policy is often referred to as the “white-collar exemption.” Employees newly classified as nonexempt…
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