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DOL revises rules on paid sick and family leave related to COVID-19
In August, a federal trial court invalidated several provisions of the U.S. Department of Labor’s (DOL’s) temporary regulations that implemented the paid leave provisions of the Families First Coronavirus Response Act (FFCRA). By way of a response, the DOL’s Wage and...
Earning side income: Is it a hobby or a business?
Whether it's something you have been doing for years or something you just started to make extra money, you must report income earned from hobbies in 2020 on next year's tax return. What the difference between a hobby and a business? A business operates to make a...
COVID-19 testing, diagnostics not minimum essential coverage
In Notice 2020-66, the IRS recently determined that Medicaid coverage limited to COVID-19 testing and diagnostic services isn’t minimum essential coverage under a government-sponsored program. Thus, an individual’s eligibility for this coverage for one or more months...
2020 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all...
Check references, resumés carefully when hiring
Although many employers have had to let go or furlough employees during the COVID-19 pandemic, others are still hiring or soon will be. If your organization needs to fill positions, or may start filling them in the months ahead, you still need to hire carefully. Given...
Employers have questions and concerns about deferring employees’ Social Security taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s...
Employers should approach payroll tax deferral cautiously
As you’re probably aware, President Trump signed an executive memorandum on August 8 creating a payroll tax deferral. The development has brought with it much uncertainty regarding administrative compliance and the long-term impact of this pandemic-related relief....
5 key points about bonus depreciation
You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool. Bonus depreciation is scheduled to phase out Under...
How qualified retirement plan rules affect COVID-19-related layoffs and rehires
Has your organization laid off employees this year because of the COVID-19 pandemic, but you plan to rehire some of them before the end of 2020? Or maybe you already have? If so, and you offer a qualified retirement plan, the IRS recently issued an important...
CARES Act made changes to excess business losses
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business,...
Will your organization’s health insurance still be “affordable” next year?
The IRS recently announced 2021 indexing adjustments for some critical percentages under the Affordable Care Act (ACA). This makes now a good time to review whether your organization is an applicable large employer (ALE) under the ACA and, if so, whether the health...
The possible tax consequences of PPP loans
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act,...
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