The Hoffman Group is a full-service accounting and consulting firm headquartered in the Baltimore, Maryland region. Our dedicated team provides a comprehensive array of assurance, consulting and tax services for businesses and individuals. By thoroughly evaluating our clients’ unique financial needs, we create personalized solutions and develop comprehensive plans for their success. To us, the most valuable part of our business is client relationships. That is why we are built on the pillars of transparency, trust and respect. Our highly skilled team of professionals and Certified Public Accountants provide the knowledge, passion and technical abilities to help our clients thrive.
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Monitor Overtime Pay for Your Remote Workers: DOL Guidance
Paying your employees for hours that you know they've worked is straightforward enough. But what if they're doing more work than you think they are — or more than you've asked them to do? As federal regulations state, "Work not requested but suffered or permitted is work time" and, thus, must be compensated. As explained in a new Department of Labor (DOL) field assistance bulletin (FAB), "If the employer knows...
Avoid Personal Liability for Unpaid Federal Payroll Taxes
During the COVID-19 pandemic, some cash-strapped employers may fail to pay over federal income and employment taxes that were withheld from employee paychecks to the U.S. Treasury. In the eyes of the IRS, this is a major tax faux pas — punishable with a whopping 100% penalty against any responsible person. In other words, the entire unpaid federal payroll tax amount can be assessed as a penalty against a responsible...
Election 2020: Where Do the Candidates Stand on Business Tax Issues?
With both major political party conventions behind us, it's time to focus on the upcoming national election. Among their many differences, the Republicans and Democrats have widely divergent tax platforms. Do you know where the candidates stand on major business tax issues? In some cases, the candidates' plans contrast with their parties' platforms, so it's important to watch their statements and websites closely. Here's a quick summary of their positions...
Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and how, to implement the optional deferral. The President’s action only defers the employee’s share of...
At The Hoffman Group, we take a personal interest in your success. Our team of Certified Public Accountants and consultants have a breadth of experience in anticipating challenges businesses may face and developing strategic plans to meet their financial objectives. We focus on an array of industries such as construction, manufacturing and distribution, and government contracting to help you make healthy financial and business decisions that amplify profitability and maximize competitiveness.