• Startup
  • Payroll/Taxes
  • Human Resources
  • Employee Benefits
  • Business Insurance
  • Compliance
  • Marketing
  • Funding
  • Accounting
  • Management
  • Finance
  • Payment Processing
  • Taxes
  • Overtime
  • Outsourcing
  • Time & Attendance
  • Analytics
  • PEO
  • Outsourcing
  • HCM
  • Hiring
  • Onboarding
  • Recruiting
  • Retirement
  • Group Health
  • Individual Insurance
  • Health Care
  • Employment Law
  • Tax Reform
i
Help is here
Use Our Online Tool to Better Understand Government Funding Programs
+ Expand for- Less Details

Access vital funding to help your business remain open, continue paying your employees, and recover from unplanned circumstances due to the COVID-19 pandemic.

Paychex has created an easy-to-use online tool that details the specific federal relief programs and refundable credits available through the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES). The tool includes helpful links to applications and a comparison chart of loan programs (Paycheck Protection Program and the Economic Injury Disaster Loan program) to help you address what would best meet the needs of your current circumstances.

Access the Tool

We recommend discussing these options with your accountant or trusted advisor to determine the best course of action to leverage the incentives available.

Paychex is actively working to help make the PPP loan application process simpler. If you’re a Paychex client, we’re creating a report and ensuring it reflects changes introduced April 2 by the federal government. To utilize the report, your business or your clients’ business must have run payroll with Paychex in 2019.

small business week

Small Business Week: Spotlight on Small Business Legislation

Finance
Article
05/07/2015

Since 1963, the Small Business Association has sponsored Small Business Week, a time to celebrate the many hard-working entrepreneurs in America. Today’s small business owners face increasing challenges of starting a company under a complex tax and regulatory environment. They must also leverage technology in order to compete with larger peers and stay informed of frequent legislative changes affecting small business accounting in order to succeed. To help keep small business owners up to date, here are four legislative pieces affecting accounting to watch in 2015.

Wages and Overtime Eligibility

According to the Economic Policy Institute, U.S. workers’ productivity rose 64.9 percent between 1979 and 2013, yet hourly wages only increased an average of 6.1 percent during the same time period. To ensure adequate pay for work performed, the U.S. Department of Labor has been charged with modernizing and streamlining existing overtime regulations, which may change the way workers are classified and redefine who is eligible for overtime pay under the federal Fair Labor Standards Act. A main focus of this directive is lower paid managers who are not eligible for overtime, yet work much more than 40 hours per week. If employees’ overtime eligibility changes, small businesses may need to realign job responsibilities or hire additional staff as needed. Payroll accounting changes may also need to be implemented as a result of any changes.

Affordable Care Act

The sweeping health care reform brought on by the passing of the Affordable Care Act will continue to impact small businesses this year. Depending on the number and type of employees at a company, health care insurance that is adequate and affordable may need to be offered by an employer in order to avoid a potential penalty. The IRS is also offering a small business tax credit for qualifying companies providing health care coverage to employees. To determine an individual company’s responsibility in regards to this small business legislation, the SBA is currently running informational webinars.

Taxation of Online Sales

As the popularity of online shopping continues to grow, Congress is wrestling with the best way to ensure the proper collection of state sales tax. The Marketplace Fairness Act of 2015 is the latest attempt at developing a standard rule. This proposed legislation would require companies with over $1 million in remote online sales (meaning sales outside of the state where the company has a physical presence) to collect sales tax at the time of sale. The added bookkeeping effort of collecting multiple states’ sales tax related to this proposed ruling is a concern for companies with smaller accounting staffs.

Sec 179 Depreciation

Section 179 Depreciation allows companies to deduct the full cost of an equipment or software purchase the year it is placed into service, rather than requiring depreciation of the item’s cost over a longer time period. The Section 179 rules are tweaked each year and should be reviewed when preparing taxes. Currently, the 2015 rules state that the deduction limit is $25,000 and the cap on equipment purchases is $200,000, but these rules can change before tax filing deadlines. If beneficial changes are made prior to the end of the year, companies may want to consider additional investments in technology assets or equipment that qualify under this rule.

By researching new small business legislation, business owners can find relevant tax credits and improve their competitive position in the marketplace. Small Business Week is a great time to network with other entrepreneurs and those who support small companies.

 

This website contains articles posted for informational and educational value. Paychex is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, Paychex. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant.