With so many people seeking new jobs — or even just a job — these days, one way you can attract and then capture candidates is by setting your firm apart through its benefits package. An important component of these is retirement plans. PSS can set you up with 401(k), Roth 401(k), 403(b), IRAs, Roth and Simple IRAs, and SEP Plans that are low cost to small-business owners. Job seekers who are looking for more than a paycheck will appreciate this, and your firm will ultimately realize higher-quality employees. We look forward to hearing from you soon so that we can discuss your options.
The American Rescue Plan that was signed into law on March 11, 2021, has once again extended the voluntary use of FFCRA pay to employers. There are, however, some significant changes to this plan.
The new plan starts fresh as of April 1, 2021, and ends September 30, 2021. This plan allows for the employees’ banked hours to reset as of April 1, which means that if an employee had previously used his or her full two weeks of FFCRA pay, they now have an additional 2 weeks available to them.
The prior six reasons an employee could use the FFCRA pay has now been expanded to add the additional three scenarios below:
Previously, employees could receive 10 additional weeks of paid leave for childcare only; their child’s school or day care had to be closed, with no alternative childcare options. The new plan allows for the 10 weeks of leave to be used for any of the nine qualifying reasons, and employees now have an additional 2 weeks (up to 80 hours) available to them.
The Treasury Department and Internal Revenue Service (IRS) have announced the new extended deadline to file federal tax returns in 2021; federal taxes are now due May 17. (It’s important to note that state deadlines remain the same!)
Among other things, this gives employees who have misplaced their W2s extra time to remedy this situation. How should they proceed?
If they are a current employee, they can ask you (their employer) for another copy.
But if someone is no longer working for you needs help securing a W2 and contacts us, since we cannot send the document directly to them, we will instruct them to follow the instructions on the IRS website.
As we told you in our most recent newsletter, the employee retention credit embraced significant changes that now allow more employers to take advantage of this resource. This credit is still available, and is valid through the end of the year.
As a reminder, for example, qualified employers that employ 500 employees or fewer in the first quarter of 2021, regardless of how many are physically working, can use the credit. To qualify, you must prove your enterprise had its operations partially or fully suspended due to a COVID-19 lockdown order or you have a 20% or greater loss in gross receipts as compared to the same quarter in 2019.
Here are some reminders on other important changes: In 2021’s version of the program, you may now use both the credit and a PPP loan (but you cannot take the credit on payrolls you are using PPP loan money to fund). The credit has also been extended to 70% on $10,000 gross wages per employee, or $7,000.00 per employee for all quarters throughout the year. If you received the full credit for any employee in 2020, you can start over again for that same employee in 2021. You may also retroactively apply for the credit for any time after March 12, 2020.
PSS is willing and able to make amendments for 2020 and the first quarter of 2021 to help our clients receive the full amount of the credit. Just reach out and we will get started.
Are you a Flyers fan? PSS partner PSS Benefits and Haddon Planning are sponsoring a Flyers podcast. Meet the flyers and learn more about them as a different player is featured each week.
Many employers assume that any changes in payroll processing have to take place to coincide with a new year. But that is not the case! And, in fact, now that the many other details associated with the beginning of the year are behind you, starting with a new payroll company NOW as the second or third quarters begin may make even more sense.
If you are a current client, remember that we offer an incentive for referrals (see below).
And if you are not currently enjoying the advantages of letting us handle your payroll, read on. Not all payroll processing companies are created equal—and moving to Payroll Services Solutions will result in your employees enjoying timely, accurate, cost-effective, secure, guaranteed payments from a company that takes its time to get to know its clients. And, as a small-business owner, you will truly appreciate our personalized service, quick response times, and willingness to do “back work,” such as amendments.
As you switch to PSS, there are some details that you can have lined up ahead for a successful, easy transition. Three important ones are knowing your pay dates; extracting important data such as employee information, payroll reports, and annual tax forms, to keep for your records; and securing your access to important business information, such as your EIN, state employer identification number, payroll tax account numbers, legal business name, and bank account information.
All of this may seem overwhelming, but you can depend on our team of experts at Payroll Service Solutions to help guarantee all goes smoothly, as our experts are available to help you get started! Call us today !
Take some time today to tell your friends and business associates about Payroll Service Solutions. If their company successfully becomes a new customer, our team will credit your next payment $50 or gift you personally a $50 Amazon gift card (your choice).
February 13, 2020, via Google
“ Wonderful company from start to finish. Always attend to all my business needs; if I could give 10 stars, I would. ”
February 10, 2020, via Google
“ The staff is so wonderful, kind and informative. Especially, they are patient with a small-business owner who is always calling with questions. Customer Service still exists at Payroll Service Solutions! ”
Nicole Van Geldren
August 22, 2018, via Google
“ One of the best payroll companies I’ve ever dealt with. These ladies are always on the ball; I never have to ask for something twice. They are well informed and very, very helpful. Love this company! ”
Contact Nicole Christmann at 215-624-0922 for any questions regarding information in this newsletter.