[US] COVID-19 payroll updates

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[US] COVID-19 payroll updates

Congress, the White House, and other federal agencies have been taking swift action to provide rapid financial relief to small business owners. Additional actions are likely in the coming days and ...

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VBL_Link

Timely and helpful. Is individualized recommendation or advisory a service Wave offers?

ConnorM

Hey @VBL_Link! You might want to take a look into our Wave Advisors program! That could help you out

VBL_Link

Thank you, but this is offered as monthly coaching etc. How can I hire someone for episodic needs, such as filing an LLC's taxes? Or to help us with something small, like changing our business address and filing it with the state and city of NY departments and IRS? I only need these types of services when they're needed, or once a year. Thanks.

AJKallistoArt

How would an employer initiate the Employer Social Security Tax Deferral?

"Employer Social Security Tax Deferral
Section 2302 of the CARES Acts permits businesses and self-employed individuals to defer the 6.2% employer portion of social security tax due between the enactment date of March 27 and Dec 31, 2020. The deferred tax amount will be due over the following two years: half by Dec. 31, 2021, and the other half by Dec. 31, 2022. Read more here."

Please advise.
Thanks,
AJ

MROTH

When will 1st Quarter 2020 941 forms be ready for Wave Payroll customers? As banks are requesting them to qualify for the PPP SBA Loan. Can we request WAVE payroll to generate this 941 earlier than normal?

EmmaP

Hi @VBL_Link! I would recommend booking a consult with our Wave Advisor team to see if they are able to help you in the situations you have lined out. They may be able to work something out! You can click here to take a look and make a booking.

Hey @AJKallistoArt! Good question, this link has some further information about Deferral of Employer Payroll taxes. I recommend keeping an eye on booth these Help Center articles as they are being continuously updated as new information is released.

Hi @MROTH! Thanks for reaching out. It looks like you have recently been in contact with our Support team about this. You can also check this Help Center articles for updates here: Payroll Protection Program.

BlueBlazingMedia

Hi, Did we ever get a date that Wave will be pushing out the 941s this week?

@MROTH said:
When will 1st Quarter 2020 941 forms be ready for Wave Payroll customers? As banks are requesting them to qualify for the PPP SBA Loan. Can we request WAVE payroll to generate this 941 earlier than normal?

MROTH

I chatted with payroll support and they said they will produce the 941’s the last week of April for Q1, and unfortunately they are not willing to do them earlier despite the circumstances. They suggested I do it manually myself :(
Needless to say I am a little annoyed that they are not willing to accommodate under the current circumstances, I believe other payroll service providers are proactively providing documentation and early forms. I will certainly have to re-consider using WAVE payroll long term with this lack of service, when it’s truly needed. Disappointed!

BlueBlazingMedia

Delayed 941 s?? Well, that chafes a bunch. I'd be surprised if any of the PPP government stimulus grant monies will really be available 4/30/20. I was about to migrate two companies to Wave... pretty UI but nonfunctional under current environment is more relevant damaging issue for sure. If I have to "do it myself" why do I need Wave at all?

Wave executives need to wake up and pay attention to the needs of their customers. All Corps need a 941 now. The lack of option of required 941 today is literally holding up the whole goal of the federal government to keep individuals employed. Pathetic.

Thanks for responding!

@MROTH said:
I chatted with payroll support and they said they will produce the 941’s the last week of April for Q1, and unfortunately they are not willing to do them earlier despite the circumstances. They suggested I do it manually myself
Needless to say I am a little annoyed that they are not willing to accommodate under the current circumstances, I believe other payroll service providers are proactively providing documentation and early forms. I will certainly have to re-consider using WAVE payroll long term with this lack of service, when it’s truly needed. Disappointed!

jor1999

I just became an S Corp and all this is new to me - and then Covid-19 hits. Wave just told me it is sending money to Fed Taxes - wondering if this is able to be delayed?

Barsin

Hey @jor1999

Select the help button at the bottom of your account to chat with a payroll specialist about potentially delaying your tax payments! You'll get a faster response and they can look into your tax profile more thoroughly.

Me_too1

I know what the stimulus payment is, but thanks for the definition anyway. Would be nice to know how I’m supposed to account for it in Wave. Anywhere I can find this info, I’ve run numerous searches and haven’t found anything but the definition.

AlexL

Hey @Me_too1 , you'd be best speaking to an accountant or CPA on how to handle this as the details of the accounting could get a little complex and I'm afraid I wouldn't want to lead you down the wrong road with negative tax implications.

Me_too1

Thanks AlexL and Barsin, I was only looking for the preferred way to categorize these payments. Considering that most everyone in the U.S. has receive at least one I figured that would have been a heavily asked question. I have an accountant that will make sure it’s properly accounted for on my taxes and just wanted to categorize it in Wave in a manner that made the most sense for when I hand off to my accountant.

Thanks anyway and have a great weekend!