March 31, 2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows taxpayers to defer paying the employer portion of Social Security taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022: Employers can defer payment for the employer portion of payroll taxes incurred between the date the CARES Act is enacted, March 27, 2020 through December 31, 2020. If deferred, the employer would instead pay 50% of this amount by December 31, 2021, and the remaining 50% by December 31, 2022. The eligible payroll taxes are the employer’s portion of Social Security taxes (6.2%). Payroll taxes are shouldered by workers and employers: Each pays 6.2% toward Social Security and 1.45% toward Medicare. Employers are still on the hook for paying the 1.45% of wages that goes toward funding […]
March 25, 2020
The Department of Labor issued the Families First Coronavirus Act poster this morning. In general, this applies to all employees of private sector employers with fewer than 500 employees. All covered employers must post this notice in a conspicuous place along with its other employment law posters. If you do electronic posting of other employment posters, you may also post this poster electronically. Covered employers must also provide the Notice to new hires. The DOL stated that the leave requirements are effective April 1, 2020. You can download and print the poster here.
March 25, 2020
The Small Business Administration issued revised guidance for small businesses seeking economic relief as a result of COVID-19 pandemic on March 12, 2020. Organizations who are suffering substantial economic harm from the pandemic can seek economic injury disaster relief loans (EIDLs) from the SBA for working capital. For more information and to learn more about the availability, terms, criteria, and submission process, please click here.
March 25, 2020
In response to the COVID-19 pandemic, also known as coronavirus, many work forces are operating remotely to keep their employees safe. However, an increase in people utilizing a work-from-home environment has led to a rise in cybersecurity risks. A complete overview of the risks your organization could face, a list of action items, and next steps to take is available here.
March 25, 2020
Global efforts to contain the spread of COVID-19, have significantly impacted many businesses and the global economy. While the situation is evolving rapidly, and the full impact is not yet known, the disruption caused by the coronavirus is affecting business and consumer activities worldwide–including disruption to major financial markets, supply chains, interruption of production, limited personnel, facility and store closures, and decreased demand from both business customers and consumers. The disruption and uncertainty caused by the coronavirus is far-reaching. These events will result in unique accounting, disclosure, and internal control considerations that should be carefully evaluated by entities and their stakeholders. A complete overview of these business disruptions. To view this information, please click here: