(303) 499-7445 info@tandemcpas.com

Year-end Reminders

Employer Related

  1. Moratorium on New Employee Retention Credit (ERC) Claims & Withdrawal of Claims
    • Many dubious companies have been claiming all businesses are eligible for ERC credits. In reality, if your business income did not drop by the specified amount, it is difficult to qualify.
    • Due to the number of scams and questionable claims, and to protect taxpayers with legitimate claims, the IRS ordered an immediate stop to new ERC claim processing in September 2023. The moratorium goes through at least 12/31/23.
    • In July 2023, the IRS announced it was shifting resources to focus on ERC claims due to compliance concerns. The IRS will continue to process claims during the moratorium, but the processing times will increase from the previous standard goal of 90 days to 180 days.
    • In October 2023 the IRS began offering taxpayers the option to withdraw claims to avoid getting refunds for which they were not eligible. This option is available if your business has not received an ERC check or has received an ERC check but has not yet cashed it. The IRS plans to announce more information by year end for businesses that have already received and cashed their checks. If your business has summitted an ERC claim or received an ERC check and you are not sure if your business was actually eligible, please reach out to us.

 

  1. New I-9 Form – Beginning 11/1/23, only the new form will be accepted. No need to have existing employees complete the new form.  The new form can be accessed here https://www.uscis.gov/i-9   Please contact your HR support if you have questions.

 

  1. FAMLI Act
    • The CO FAMLI program will provide short-term partial wages (for up to 12 or 16 weeks) for employees to care for their own serious health condition, a family member with a serious health condition, a new child, and a few other reasons.
    • While the FAMLI withholding began in January 2023, paid leave starts in 2024.
    • More information here: https://famli.colorado.gov/
    • Please contact your HR support if you have questions.

 

  1. CO Minimum Wage is currently $13.65 as of 1/1/23, but is expected to increase on 1/1/24. Cities may set a higher minimum wage. Boulder County is instituting a minimum wage of $15.69 for unincorporated parts of the county starting 1/1/24. Please contact your payroll processor or HR support if you have questions.

 

 

  1. Healthy Family & Workplaces Act A reminder that Colorado law requires all Colorado employers to provide paid sick leave to their employees (full-time or part-time).

(303) 499-7445

info@tandemcpas.com

287 Century Circle, Suite 200, Louisville, CO 80027

Tandem CPAs LLC  (Colorado firm license #FRM.5000548).

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