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You are here: Home / Archives for COVID-19 Small Business Resources / Federal Resources

09/22/2020 by Richard (Dick) Jacobs, CPA

Employees May Defer Social Security Taxes

Recent Treasury guidance permitting employers to defer employee Social Security taxes has been widely reported in the media. On August 8, 2020, the President of the United States issued a Presidential Memorandum deferring the withholding of and payment of the employee share of social security taxes for the period beginning on September 1, 2020, and ending on […]

Filed Under: Federal Resources, News & Resources

04/28/2020 by Desiree Bryan, CPA

Flexibility with Retirement Plan Assets and Charitable Giving Among CARES Act Changes

In addition to the recovery rebates provided to individuals, supplemental unemployment benefits and payroll assistance given to small businesses, the third coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided other important tax relief to individual taxpayers. No 10% additional tax for coronavirus-related retirement plan distributions Typically, a distribution from a qualified […]

Filed Under: Federal Resources

04/28/2020 by Meadows Urquhart

Federal COVID-19 Resources

Employees May Defer Social Security Taxes September 22, 2020 Recent Treasury guidance permitting employers to defer employee Social Security taxes has been widely reported in the media. READ MORE Flexibility with Retirement Plan Assets and Charitable Giving Among CARES Act Changes April 28, 2020 In addition to the recovery rebates provided to individuals, supplemental unemployment benefits and payroll […]

Filed Under: Federal Resources

03/30/2020 by Richard (Dick) Jacobs, CPA

House Passes and President signs the CARES Act

On March 27, the House passed by voice vote, and the President signed, a third Coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security Act. The Senate had previously passed the Act on March 25 by unanimous vote. The bill contains many tax related provisions. INDIVIDUAL PROVISIONS An eligible individual is allowed an income […]

Filed Under: Featured, Federal Resources

03/27/2020 by Robin Neas, CPA

Employee Retention Credit for Employers

Under the newly passed Coronavirus Aid, Relief, and Economic Security Act (CARES Act), additional payroll tax credits and tax payment deferrals are included to improve cash flow and employee retention. Employers, including nonprofits, whose operations have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings, or […]

Filed Under: Featured, Federal Resources

03/25/2020 by Richard (Dick) Jacobs, CPA

April 15th Due Date for Returns & Payments Postponed to July 15, 2020

COVID-19 Tax Updates

The due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, has been postponed to July 15, 2020. Taxpayers do not have to file any forms for the extension. There is no limitation on the amount of the payment that may be postponed. This relief is available […]

Filed Under: Featured, Federal Resources

03/25/2020 by Robin Neas, CPA

EFMLA and COVID-19

EFMLA & Sick Leave Updates

If your employees are being affected by the coronavirus and are not able to work due to self-quarantine, caring for an at-risk family member who is self-isolating, or caring for their children due to school or childcare closures, you might be required to pay them under Expanded Family Medical Leave or Emergency Paid Sick Leave […]

Filed Under: Featured, Federal Resources

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