HCM Insights January 2021

HCM Insights January 2021

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Upcoming Holidays

President's Day

Happy HolidaysThe upcoming President’s Day Holiday falls on Monday, February 15, 2021. While CBIZ HCM offices will be open this day, this is a Federal Reserve Bank Holiday, and payroll draft dates may need to be adjusted.

Important Payroll Deadlines

Check Date

Check Processing Date

Tuesday, February 16, 2021

Thursday, February 11, 2021

Wednesday, February 17, 2021        

Friday, February 12, 2021


As always, your CBIZ HCM team is here to help should you have questions. We appreciate your continued partnership, and we wish you and your business the best of health. Please contact your payroll services team if you have any questions.


Click here to access the CBIZ 2021 Holiday Schedule.  The schedule lists 2021 banking holidays and lets you know what days HCM offices will be closed this year. 

 

 

Wages On-Demand Feature Available with ZayZoon

ZayZoon Benefits

CBIZ Human Capital Management has partnered with ZayZoon to provide our clients with the option to offer their employees’ Wages On-Demand. At a time when seventy-eight percent of American workers are living paycheck to paycheck, earned wage access gives workers more freedom over their paydays by offering an advance on their paycheck.

Wages On-Demand
Wages On-Demand is also known as Earned Wage Access or Pay On-Demand. With ZayZoon, employees can access wages they have already earned, with no cost or administration needed from the employer. This feature allows employees to tap into their earned wages before payday for a five-dollar fee and could help them pay for last-minute expenses while avoiding late payments and unnecessary predatory financial products. 


Financial Education
Alongside the Wages On-Demand feature, employees will also have access to financial education. With ZayU, employers have a trusted financial health platform that gives employees a deeper understanding of their finances through tools such as Overdraft Prediction, Spend Behavior, Banking Insights, and Interactive Financial Education. 

Activate the ZayZoon Benefit
ZayZoon, a leader in earned wage access, uses its patent-pending technology to seamlessly administer wages to employees in seconds without impacting the current payroll processes of the employer. CBIZ clients can have the service activated for staff within minutes. If you are interested in providing a benefit that helps combat predatory lenders and overdraft fees, we encourage you to visit ZayZoon.com for additional information.

About ZayZoon
ZayZoon's mission is to improve employee health through the use of responsible financial products. They partner with payroll companies in Canada and the US to provide employees with access to their Wages On-Demand feature along with financial education and overdraft prediction. ZayZoon's on-demand access to wages gives employees control over their paycheck, reduces financial stress, and prevents the debt spiral caused by predatory products. Workplace financial wellness helps with recruitment, employee retention, and productivity.

 

 

 

COVID-19 Updates

The Consolidated Appropriations Act of 2021

On December 27, 2020, the Consolidated Appropriations Act (the Act) was signed into law. In addition to many other provisions, the Act contains an expansion of the Employee Retention Tax Credit, Cafeteria plan changes, an extension of the credits for Paid Sick and Family Leave, and a new round of Paycheck Protection Program (PPP) loans.

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  • Employee Retention Tax Credit - Per-employee creditable wages have increased, and now some previously ineligible employers can take advantage of the Employee Retention Tax Credit in conjunction with PPP loans.
  • Flexible Spending Accounts - Organizations now have the option of amending their cafeteria plan, allowing participants to carry over unused benefits. Also, plans may extend the age for dependent care FSA.
  • Emergency Leave Tax Credits -  Emergency Paid Sick and Family Leave Tax Credits will remain available until March 31, 2021, for those employers who choose to continue to offer the leave to their employees.
  • Second Round of PPP Loan - The new iteration of PPP loans may help organizations that previously did not qualify or chose not to apply for the loan. It also makes available the second round of loans for qualifying businesses.

Student Loan Pause Extended

On January 21, 2021, the US Department of Education announced an extension of relief for federal student loan borrowers in light of the COVID-19 emergency. Employers should suspend federal student loan garnishments through September 30, 2021. For more details visit studentaid.gov.

 

 

Safely Returning Employees to the Workplace

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As a result of COVID-19, millions of Americans began working remotely in 2020. Now, some business owners are considering reopening plans that would bring remote employees back to the workplace. As companies outline a return the office space, a solid plan can help smooth the transition for everyone involved and mitigate risks associated with reopening.

Are you planning to bring employees back to the office in 2021? If so, CBIZ partners with you to go beyond the obvious risks and identify the exposures with the highest impact on your bottom line. Consider using this checklist as a starting point to help ensure that your business and employees are prepared for a safe and successful return to work. 

 

 

 

IRS Announces 2021 Mileage Rate 

On December 22, 2020, the Internal Revenue Service issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be:

  • 56 cents per mile driven for business use (down 1.5 cents from the rate for 2020)
  • 16 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, (down 1 cent from the rate for 2020)
  • 14 cents per mile driven in service of charitable organizations, the rate is set by statute and remains unchanged from 2020

According to an IRS press release, “The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile.”


 

 

State Unemployment Tax Rates 

Many state unemployment tax agencies have mailed 2021 tax rates to employers. Please send this information to CBIZPayrollTax@cbiz.com once received.

SUI Rates Available - January 2021

Arizona, Connecticut, Hawaii, Maryland, Massachusetts, Michigan, Mississippi, New York, Rhode Island, South Carolina, Washington, and Puerto Rico.

SUI Rates Available November - December 2020

Alaska, Arkansas, California, Colorado, Delaware, District of Columbia, Florida, Idaho, Illinois, Iowa, Indiana, Kansas, Kentucky, Louisiana, Maine, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Dakota, Texas, Utah, Virginia, West Virginia, and Wisconsin. (Georgia employers will need to obtain their rates online)


Email Your 2021 SUI Rates to CBIZPayrollTax@cbiz.com. If you have questions call 833-224-9426

 

 

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The information contained in this HCM Insights is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations. This information is provided as general guidance and may be affected by changes in law or regulation. This information is not intended to replace or substitute for accounting or other professional advice. You must consult your own attorney or tax advisor for assistance in specific situations. This information is provided as-is, with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein.