One of the many key provisions in the CARES Act is the Employee Retention Credit. This credit is geared toward employers subject to partial or full COVID-19-related closures. This credit impacts compensation, furlough and layoff strategies. If you are considering making workforce reductions, it is important to understand your options under the CARES Act.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law on March 27 provides $349 billion in funding for the Small Business Administration (SBA) in an effort to provide assistance and relief to America’s small businesses struggling under the weight of COVID-19. The Act included a paycheck protection provision for small businesses by providing additional funding to the SBA for specific areas of need and expanding the SBA’s 7(a) loan program.
The Families First Coronavirus Response Act (FFCRA) signed on March 18, 2020, made unprecedented expansions to paid sick and family (childcare) leave provisions in light of the challenges for the American workforce due to COVID-19. The expansions to paid sick and family leave cover employers with up to 500 employees, and tax credits are available for up to 100% of qualifying wages paid.
On March 27 President Trump signed the latest COVID-19 relief bill: Coronavirus Aid, Relief, and Economic Security (CARES) Act. For funding dedicated to taxpayers and businesses, the bill currently includes provisions related to taxes, unemployment, small business loans, and a large business lending program.
In an effort to help consolidate the various pieces of legislation and important information from the Department of Labor (DOL), we’ve created a list of the most frequently asked questions regarding unemployment insurance benefits, the Family and Medical Leave Act (FMLA), and the changes made by the FFCRA and the Fair Labor Standards Act (FLSA).
It was announced on March 20 that Tax Day would be postponed from April 15 to July 15 to coincide with the delayed tax payment deadline at the direction of President Trump. Treasury Secretary Steven Mnuchin announced the postponement via Twitter, stating that all taxpayers and businesses will have until July 15 to file and make payments without interest or penalties. We know you have lots of questions. Below is a summary of the 10 most common questions and the IRS’s response.
Congress passed and President Trump signed the Families First Coronavirus Response Act (FCCRA) on March 18, 2020; it will become law 15 days after the signing. The bill provides paid sick leave, free coronavirus testing, expansion of food assistance and unemployment benefits, and requires employers to provide additional protections for health care workers.
Stay on top of your individual and business limits and deductions for 2020 with this recap.
This guide offers several opportunities for tax savings for businesses before year-end 2019.
This year brought numerous changes to the tax preparation and planning process for both individuals and businesses. Consider the following before filing your 2019 taxes:
