It’s hard enough to run a small business, let alone doing so during a global pandemic. The response to help businesses came in many ways. From a renewed appreciation by communities who now shop locally more than ever to help on the federal level. New ACTS and forgivable loans, aimed at helping small businesses and employees have made it especially important for them to properly track and calculate year-end figures. Luckily, for those who utilize an automated payroll service, such as Fingercheck, all these things are taken care of for you. For those who don’t – now’s the time to consider using one to make life easier and to stay on top of all COVID-related regulations that affect your business.
Here Are a Few Items to Keep on Top Of:
Most of all tracking for the CARES Act, as well as for the FFCRA Act, and the PPP program falls to your payroll system. With the CARES Act alone, you’ll have to track whether you are paying people for not doing any work, or (for the FFCRA) because they were out sick or on family leave. You have to track it all differently for wages, and you have to track their benefits – it will all have to go on the new 941. If you took advantage of the Social Security deferral, you need to track how much you need to pay back and when.
The New 941 Form
New IRS forms and COVID-considerations will impact payroll professionals. Also, if you submitted Form 7200, which allows an employer to request an advance payment of the tax credits under the FFCRA and CARES Act, you’ll need to track that (which falls outside of payroll).
Consequences & Continuity
The consequences of not getting your payroll right aren’t pretty – especially if you’re a small business, managing it all on your own. Businesses may find themselves dealing with penalties, interest, incorrect filing, adjustments, and amendments. All told, it’s an employer’s nightmare. If you are not reconciling, there are a lot of things that can get past you. And should anyone on your payroll team becomes ill, it’s important to have a payroll back up plan. An easy solution, for this, would be an all-in-one HR platform, like Fingercheck to do it all for you.
Leveraging an Expert Payroll Team
Fingercheck stays on top of all the COVID-19 related Acts so that our clients can focus their own business operations. Missteps from not using a payroll solution mean you could miss out on money your business was/is entitled to. Some small businesses may not know there is a retention credit, but if things are being tracked, they could find out that they do qualify.
If this sounds like something you feel your company or business is going through then contact Fingercheck today. We are available to speak with you about providing pandemic payroll support. Give us a call at 800-610-9501 or contact us anytime online.