Payroll News: DOL Updates FFCRA Provisions for Reopening Schools & More

Written by Certified Payroll Specialist, Kristen O'Connell, CPP

The COVID-19 pandemic has indirectly caused numerous headaches for professionals who prepare and process payroll. In this article, I have highlighted some of the recent updates you should know.

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Affordable Care Act Reporting Is More Complex This Year

The Affordable Care Act, in its original form, included a penalty on any individual who failed to have health care coverage at required levels. This Individual Mandate was designed to “encourage” individuals who were not inclined to purchase health care coverage to do so in order to spread the cost of health care treatment among a larger pool of...

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Main Street Lending Program Now Available for Eligible Nonprofits

On Friday, September 4, 2020, the Federal Reserve announced that the Main Street Lending Program is now fully operational and is accepting submissions of eligible loans to nonprofit organizations. The Program to support lending to small and medium-sized for profit businesses and nonprofit organizations that were in sound financial condition...

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Remote Work and the New Reality of Commercial Real Estate

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There’s no question the global pandemic of 2020 quickened trends of the future that were hitting the wall of the present: Employers resistant to allowing employees to work remotely suddenly had no choice as localities enacted mandatory stay-at-home measures. Businesses migrated to remote work on an unprecedented scale - a great...

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Lack of Guidance Leaves Employers Uncertain About Payroll Tax Deferral

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Written by Tax Managers Dan Chodan, CPA & Michael Carr, CPA

On August 28, 2020, the Treasury Department released guidance on President Trump’s Memorandum - Deferring Payroll Tax Obligations (the “program”). The Treasury Department’s guidance allows employees to defer having their portion of social security taxes withheld if their...

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New PPP Interim Final Rule Addresses Loan Forgiveness for Owner-Employee Compensation Rule & Self-Rents

Written by Dan Chodan, CPA

On Monday, August 24, 2020, the SBA & Treasury Department announced an interim final rule which provided additional guidance concerning the ownership percentage that triggers the applicability of the five owner compensation rule for forgiveness purposes and limitations on the eligibility of certain non-payroll costs...

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U.S. Reimposes Section 232 Tariffs on Canadian Aluminum & Issues New Marking Rules for Products of Hong Kong

On August 6, 2020, the U.S. announced that it will reimpose 10% tariffs under Section 232 of the Trade Expansion Act of 1962 on non-alloyed and unwrought aluminum imports from Canada as of August 16, 2020. The decision came just weeks after the new United States-Canada-Mexico Agreement (USMCA) went into effect. Read the official presidential...

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International Aspects of The 2020 Section 163(J) Proposed Regulations

On July 28, 2020, the Department of the Treasury and the Internal Revenue Service (collectively, Treasury) released final regulations under Section 163(j). On the same date, Treasury released proposed regulations under Section 163(j), which includes among many other items, guidance for how the business interest deduction limitation rules under...

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Top Tech Balancing Act In 2020: Innovation Vs. Risk

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The technology industry is proving out its resilience. As every industry responds to change and disruption, tech companies are being relied upon more than ever to accommodate remote work, food and supply access, health services, communication, connectivity and entertainment.

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How to Accelerate Income To Lower Your Total Tax Liability

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As 2020 winds down, it’s time to consider year-end planning. It’s an unusual year, with taxpayers experiencing losses due to the economic downturn and the possibility of higher income tax rates next year. Consequently, we need to rethink the traditional year-end advice of deferring income and accelerating deductions to minimize...

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