Are you in compliance? As of July 1, 2021, here’s a list of the top 5 payroll compliance issues that provide added risk for Minnesota businesses. We offer rock-solid compliance review of your in-house payroll to help mitigate your risk.
- American Rescue Plan Act of 2021
- Tax credits are available but only to employers with fewer than 500 employees and up to certain caps. Is Form 941 prepared correctly to reflect COVID-19 wages?
- Employees can use Emergency Paid Sick Leave (EPSL) from April 1 through September 30, 2021. (See reasons listed below). Be aware that any inconsistencies in the granting of leave could potentially lead to a discrimination claim.
- Are you following the 4-1-21 changes of the Emergency Family and Medical Leave (EFMLA)?
- Employee Retention Credit for 2020 and 2021
- Did you take the Employee Retention Credit (ERC)?
- Did you take advantage of all ERCs?
- We can go back and review, as well as help you prepare going forward.
- Did you prepare Form 941 and W-2s correctly?
- PPP loan forgiveness applications
- Do you have the correct reports for PPP loan forgiveness and ERC to maximize loan forgiveness?
- Completing new W-4 forms & your state specific W-4 forms, when needed
- Your employees must complete the Federal W-4 Form and a state specific W-4 form when they begin employment or when their personal or financial situation changes so that the employer can withhold the correct income tax from your pay.
- Completing and maintaining MN Department of Labor Employee Notice
- All employers must provide each employee with a written notice at the start of their employment and keep a signed copy of the notice on file, as of July 1, 2019. The notice must contain required information about an employee’s employment status and terms of employment.
- Our payroll experts can review your in-house payroll for compliance.
