Which States Are Opting Out of Federal Unemployment Benefits
In recent weeks, many employers have complained about how difficult it is to fill job openings. The country is returning to normalcy, with COVID-19 cases drastically falling, yet some businesses can’t get all their workers to come back. Maryland recently joined 24 other states in ending the $300 per week federal unemployment benefits in a…
Are You Ready for the Return of EEOC Census Reports
Data collection from employers isn’t new. The Equal Employment Opportunity Commission (EEOC) has been harvesting employment-related information for a long time. The last year employers had to file the EEO-1 report was for 2018, which was due in 2019. Now that the EEOC is returning to a more normal staffing level, companies that are required…
Labor Shortage: Unlock Solutions by Evaluating Your Employment Value Proposition
In normal market conditions, people who’ve been unemployed due to an economic slump are generally eager to take a job when the economy perks up. But times are far from normal in many places and industries. One of the most pressing concerns employers face today is labor quality and availability, according to findings from The…
7 Valuable Deductions for Self-Employed Individuals
If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you’re looking to fulfill a lifelong dream of running a business for the first time. In any event, there’s been a recent uptick in the number of people starting small businesses. Uncle…
New DOL Guidance on Blocking Retirement Plan Cyberattacks
The U.S. Department of Labor (DOL) is becoming alarmed by the growing prevalence and sophistication of cybercrime. In response to this mounting threat, the agency recently released a cybersecurity program best practices guide for employers and companies that provide services to their retirement plans. Benefits of Prompt Compliance Attorneys specializing in retirement plan matters advise plan…
How Landlords Can Cope with Pandemic Fallout
How can tenants pay their regular monthly rent bills if they’re out of job? As unemployment skyrocketed due to the COVID-19 pandemic, Congress enacted a series of laws designed to provide relief to renters and protection from potential eviction. But these relief measures often left owners of residential rental properties holding the bag. However, for…
How Virtual Currency Transactions Affect Your Tax Situation
Virtual currencies, also known as cryptocurrencies, have gone mainstream. For example, you can use Bitcoin to buy a Tesla, or you can use a Bitcoin wallet on your smartphone to make everyday purchases. But beware: Using virtual currency has federal income tax implications that may surprise you. With increasing market acceptance and the skyrocketing price of…
Vacation Home Usage Has Tax Implications
Do you own a vacation home that’s classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal “staycations” or as remote office locations during the COVID-19 pandemic. But this could cause adverse tax consequences, depending on your situation. Here’s what you need to know….
New Law Approves Temporary COBRA Subsidy
Many struggling businesses have been forced to lay off workers in the past year, and layoffs can leave former employees with limited health insurance options. Workers may be able to keep health insurance coverage under their ex-employer’s plan, but it generally comes at a significant cost. However, the new American Rescue Plan Act (ARPA) provides…
Preventing Fraud Must Still Be a Top Priority During Challenging Times
By Lindsay Dean, CPA, Senior Manager, Audit Like their for-profit counterparts, nonprofits were not spared the complex financial and operational challenges presented by the global COVID-19 pandemic. Many have cut back on programming, reduced staff or been forced to rely on reserves to survive. At the same time, a transition to virtual work has resulted…