The American Rescue Plan Act (ARPA), signed into law earlier this year, amended and extended the tax credits available to eligible employers that provide paid sick and family leave. This relief is consistent with the COVID-related leave originally provided under the Families First Coronavirus Response Act enacted in March of 2020. Just last month, the […]
Vaccines for COVID-19 have been available for months now. As of this writing, about half of adults in the United States are fully vaccinated, and many more than that have had at least one shot. Yet, in all this time, employers haven’t received much guidance from the U.S. Equal Employment Opportunity Commission (EEOC) regarding the […]
The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it — especially smaller, privately owned businesses in economically challenged areas. In response, the Small Business Administration (SBA) […]
Under the Internal Revenue Code, an employer would typically be penalized for failing to deposit certain federal employment taxes by the designated deadline. Examples include deposits of withheld income taxes and FICA taxes. However, the IRS recently provided additional penalty relief for employers who have failed to timely deposit their employment taxes because those deposits […]
As efforts continue to get as many Americans as possible vaccinated against COVID-19, employers are contemplating their roles — with many already taking action. If your organization has yet to formally decide on how openly you wish to push employees to get inoculated, it’s not too late. You still have time to roll out a […]
The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed into law in March 2021, made several significant enhancements […]
The Families First Coronavirus Response Act (FFCRA) was among the first major laws enacted in response to the COVID-19 pandemic. It allows employees paid sick time and paid family leave time to care for themselves or loved ones during the ongoing public health crisis. In turn, eligible employers can claim tax credits to offset the […]
On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This simplified alternative may provide relief to private companies and not-for-profit entities that have been adversely affected by the COVID-19 pandemic. Here’s what you should know. Simplified […]
The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals and employers adversely affected by the COVID-19 pandemic. The law specifically targets small businesses in many of its provisions. If you own a small company, you may want to explore funding via the Small Business […]
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding. However, $7.25 billion in […]
Many employers use cafeteria plans to offer employees a menu of benefits from which to choose. Under Section 125 of the Internal Revenue Code, participants in a cafeteria plan must be permitted to opt for at least one taxable benefit (such as cash) and one qualified benefit. Chosen benefits are then provided on a pretax basis. […]
During the COVID-19 pandemic, many employees and their families have lost group health plan coverage because of layoffs or reduced hours. If your business has had to take such steps, and it’s required to offer continuing health care coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the recently passed American Rescue Plan Act (ARPA) […]