Self-certification for PPP loan forgiveness now available The U.S. Small Business Administration has released SBA Form 3508S, a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. The new form allows borrowers to self-certify they used the money appropriately and receive complete...
When the COVID-19 pandemic was declared a national emergency earlier this year, it triggered Section 139 of the Internal Revenue Code. Under Section 139, employers can provide tax-free payments or reimbursements to employees for certain expenses associated with a qualified disaster — such as the COVID-19...
Here’s what you need to know to use updated Form 941 for COVID-related tax credits The IRS has revised Form 941, Employer’s Quarterly Federal Tax Return, to accommodate COVID-19-related employment tax credits granted under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief,...
The IRS has published its annual list of “dirty dozen” tax scams. They put out this list every year, but 2020 is special, as the scammers have managed to turn the pandemic to their advantage. Phishing: Don’t make assumptions Phishing — fake emails looking to steal personal information...
Employee benefit plans are impacted by the CARES Act. This post discusses what you need to know about those coronavirus-related plan distributions and which of your employees are eligible for them....
Staff reductions during the coronavirus pandemic will affect your company's employee benefit plan (“Plan”) differently depending on whether you as the employer choose to layoff or furlough employees. This post discusses factors you need to take into account. ...
New Q&As from the Dept of Labor shed light on unemployment assistance The Department of Labor (DOL) issued new questions and answers related to new school schedules and paid leave under the Families First Coronavirus Response Act (FFCRA). Additionally, the DOL released a letter on expanded...
Four tips for bringing your workforce back to the office safely In April 2020, the Brookings Institution reported that due to COVID-19, “up to half of Americans are currently working from home, more than double the fraction who worked from home (at least occasionally)” in 2017-2018. While...
On August 8, 2020, President Donald Trump signed a presidential memorandum directing the Secretary of the Treasury to use his authority to defer the withholding, deposit and payment of taxes to Social Security from September 1, 2020 through December 31, 2020 for employees making less...
In March, the President signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Designed to sustain and stimulate the economy, it temporarily suspended required minimum distributions (RMDs) for retirement plans....
