Updates for Businesses & Employees
The information in this article is current as of March 27, 2020, 4:54 p.m. EST; items in bold were added at this time. As new details about the pandemic and coronavirus-related legislation emerges, this article will be updated. Bookmark this page for updates!
Our entire nation has been impacted by the coronavirus. Due to the quick spread of the virus, the economy has taken a hit. Business operations nationwide, particularly in small businesses, have been disrupted. Increased isolation means consumers aren’t buying and employees aren’t coming into work. To combat the effects of the virus, the government is working to pass legislation that would provide businesses and workers with financial relief. Continue reading “Small Business Relief During Coronavirus Pandemic”
Businesses big and small are changing up operations due to federal and state coronavirus-related mandates. One thing small businesses must legally do is offer paid sick leave to employees impacted by the coronavirus disease (COVID-19). Continue reading “FFCRA and Coronavirus Paid Sick Leave: Q & A for Employers”
The time may come when you want to shut down your business to retire, open a new venture, or start a new career path. Regardless of your reason, the process for closing a business is different than selling it. Although it can be overwhelming, you can de-stress with our closing a business checklist. Continue reading “Closing a Business Checklist: 8 Steps for a Smooth Transition”
Running payroll means staying on top of your employment tax responsibilities. In addition to withholding income and payroll taxes from employee wages, you must contribute employer taxes. Unlike some other taxes, state unemployment taxes do not have a standard rate. Read on to answer, What is my state unemployment tax rate? Continue reading “What Is My State Unemployment Tax Rate?”
As a business owner, you’re likely always on the hunt for ways to save time and money. Maybe you use basic accounting software to track incoming and outgoing money. Or, maybe you automate your email marketing with a tool that sends emails to your customers or vendors for you.
If you love saving time and money, an electronic funds transfer process (EFT) may be a good fit for you. Read on to learn how EFTs can benefit your small business.
Continue reading “Count the Ways an Electronic Funds Transfer Process Can Benefit Your Business”
No business owner wants to deal with penalties, fines, and lawsuits due to the hiring process. To protect your business from sticky legal situations, you need to know state laws, like ban-the-box. What are the states with ban-the-box laws? Continue reading “What Are the States With Ban-the-box Laws (and What Does That Mean)?”
Is your business in good standing with your state? Unless you have a certificate of good standing, you might not know the answer. And now, you might be wondering what is a certificate of good standing.
Continue reading “What Is a Certificate of Good Standing?”
After a 38-year absence, Form 1099-NEC is making its return in the 2020 tax year. For the last few decades, business owners were responsible for using Form 1099-MISC to report nonemployee compensation. But with Form 1099-NEC, employers can say hello to a revamped form and goodbye to reporting nonemployee compensation on Form 1099-MISC.
So, move over, Form 1099-MISC. There’s a new sheriff in town and its name is Form 1099-NEC.
Continue reading “Make Way for the Revived Form 1099-NEC in 2020”
Do you have nonexempt employees in your business? If so, you need an overtime policy to set some ground rules. Your employee overtime policy should address things like limits and who can work overtime. Continue reading “How to Draft Your Business’s Overtime Policy”
As a business owner, you have so many responsibilities, yet so little time. You need to handle your business’s books, manage day-to-day business operations, and keep your business on track for success. In addition to your countless other tasks, you need to file a small business tax return.
If you’re a corporation (or file as a corporation), you need to file Form 1120 for your tax return. Read on to learn what is Form 1120 and whether your business needs to file one.
Continue reading “Calling All Corporations! What Is Form 1120?”