Developing Your Small Business Plan B WorkshopDeveloping Your Small Business Plan B Workshop SCORE Mentors is hosting a live webinar on Thursday (10/8) at 6:00 pm. If your business is struggling due to the pandemic, this virtual event is a must.
We were so honored to be recognized as this year's Small-Business Champion by SCORE Mentors. Also honored were the Lower Cape Outreach Council as the Nonprofit Business of the Year, and Green Bird Landscaping as the SCORE Small Business of the Year. Read more @ http://bit.ly/SCORE-Award.
Employee Deferral of Social Security Taxes: Questions, Questions, Questions The burden is on the employer to withhold and pay back the deferred SST next year. Incomplete guidelines leave questions unanswered: 1. What should employers do if an employee leaves prior to 2021? What about seasonal employees who defer taxes but do not receive a check in the first quarter of 2021? 2. Is the employer liable for any uncollected deferred taxes? 3. Can the employer opt out of the deferral entirely? Again, Secretary Mnuchin stated recently that this deferral was optional for employers. 4. If the employer implements the deferral, can an employee opt out? More info @ http://bit.ly/BizSSDeferral.
Employee Deferral of Social Security Taxes: What You Need to Know 3. The due date for employers to make the payment of deferred taxes is 1/1/2021 to 4/30/2021. If necessary, the employer may make other arrangements to collect the total taxes from the employee.
Employee Deferral of Social Security Taxes: What You Need to Know 2. Applicable wages are social security wages paid to an employee on pay dates from 9/1/20 to 12/31/20 only if the amount of wages paid for a bi-weekly period are less than $4,000 or the equivalent for other pay periods. This threshold is determined on a pay period by pay period basis. More info @ http://bit.ly/BizSSDeferral.
Employee Deferral of Social Security Taxes: What You Need to Know 1. Employers who are required to withhold and pay the employee share of the social security tax may be impacted. Again, confusion reigns regarding this order as the guidelines do not address whether employers are mandated to offer this deferral and, in fact, Secretary Mnuchin said in a recent interview that this was OPTIONAL for employers. More info @ http://bit.ly/BizSSDeferral.
On August 8th, President Trump issued an executive order calling for the deferral of the employee portion of the social security tax (6.2%) from 9/1/20 until 12/31/20. Late Friday afternoon the IRS issued vague guidelines regarding the order. It is critical to note: The tax is not being forgiven, only delayed. We’ll be sharing the key points over the next view days. More info @ http://bit.ly/BizSSDeferral.