May 2021 Individual Due Dates: May 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on …
Employee Retention Credit Extended
In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations …
Unemployment Benefits
The Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation were extended for 11 weeks. Congress will add $300 to all weekly unemployment benefits. Workers who rely on multiple jobs and have lost income will also be eligible for a weekly $100 …
What Does the New Stimulus Package Include?
Paycheck Protection Program (PPP): The relief package creates a second loan from the Paycheck Protection Program, called a “PPP second draw” and allocates $325 billion in aid to small businesses, with a total $284.5 billion of that going to reauthorize …
December 2020 Important Due Dates
December 2020 Business Due Dates: December 1 – Employers During December, ask employees whose withholding allowances will be different in 2021 to fill out a new Form W4 or Form W4(SP). December 15 – Social Security, Medicare and Withheld Income …
Sick Leave For Employees
Concerning the requirement that employers offer COVID-19 paid sick leave to their employees, and, in connection therewith, making an appropriation. On the effective date of the act through December 31, 2020, all employers in the state, regardless of size, are …
Payroll Taxes and Corona Virus: Struggling to Cover Payroll Costs?
While much attention has been focused on the Paycheck Protection Program, there are two additional programs designed to help COVID-19 affected businesses retain employees: Employee Retention Tax Credit (ERTC) and Employer Social Security Tax Deferral. The Employee Retention Tax Credit …
SBA Issues New PPP Loan Guidance: What You Need To Know And FAQs
Small Business Administration Issues New PPP Loan Guidance: What You Need To Know And FAQs On June 22, the Small Business Administration (SBA) issued new Interim Final Rules (IFR) on the recently passed Paycheck Protection Program Flexibility Act (PPPFA), clarifying …
Required Minimum Distributions from Retirement Accounts in 2020 are Waived Under the CARES Act
Anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. The 60-day rollover period …
Relief for Taxpayers Affected by COVID-19 Who Take Distributions or Loans from Retirement Plans
The CARES Act provides that qualified individuals may treat as corona virus-related distributions up to $100,000 in distributions made from their eligible retirement plans (including IRAs) between Jan. 1 and Dec. 30, 2020. A corona virus-related distribution is not subject …
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