President Biden’s 2022 budget proposal includes over $2.3 billion in infrastructure spending. Government agencies at all levels are ready to fund infrastructure projects. Government construction contracts can be a major benefit for your company. They come with some additional reporting requirements, though. Having a government construction contract means complying with…

The fringe benefits granted to employees are taxable income for them unless the tax law excludes the fringe benefits from taxation. Taxable fringe benefits should be included as income on the employee’s W-2. Also, the taxable fringe benefits are subject to withholding. What Are The Fringe Benefits? A fringe benefit is a form of wage…

What is ACA reporting, and what requirements are there? Read more about the process of Affordable Care Act reporting for Applicable Large Employers here. About 158 million people under age 65 get health insurance coverage through their employer these days. When the Affordable Care Act was signed into law in…

Employee retention is becoming harder and harder. Many young workers spend a year or two at a company before moving on. This phenomenon is making it difficult for companies to successfully hire talented staff. …

Contractors and subcontractors have to submit a certified payroll report of their labor wages. The federal government monitors the prevailing wage rates for specific workers on federally-funded construction projects. Certified payroll report does not require the inclusion of salaried employees who serve in: Executive position Professional position Administrative position A…

President Biden signed the $1.9 trillion American Rescue Plan Act into law in March 2021. One of the provisions in the package is an extension of the Employee Retention Credit. Employee Retention Credit is a refundable tax credit. Employers can claim ERC to keep their employees on the payroll. Things To Know About The Employee Retention Credit Here…

Traditional contractors are having a difficult time standing out in a competitive construction market because of: Volatile global trade New rival construction businesses Unpredictable economic conditions By adopting new business tools, models, and technologies, construction businesses can weather this storm on their own and thrive in it. …

IRS Letter 5699, Missing Information Return Form 1094/1095-C, is used to make initial contact with an organization whom the IRS thinks is Applicable Large Employer (ALE). Therefore, that organization is required to file information returns under the Affordable Care Act (ACA). IRS Letter 5699 contains basic information such as: A…

To work for the federal government, one must be aware of the rules and regulations set up to protect workers. One of these rules is the Davis-Bacon Act (DBA). …