The IRS and US Department of Labor have announced refundable payroll tax credits that will provide dollar-for-dollar reimbursement for small and midsized employers (employers with fewer than 500 employees) providing paid leave for employees affected by COVID-19 between the effective date of April 1, 2020 and December 31, 2020.
The coronavirus (COVID-19) outbreak has had a crippling effect on the global economy. This is clearly uncharted territory. As millions around the globe do their best to minimize their exposure to the virus, business owners and managers face an uncertain and stressful future.
On Friday, March 20th, Treasury Secretary Steven Mnuchin announced that the federal tax filing deadline would be moved from April 15th to July 15th.
The Administrator of the Department of Labor’s Wage and Hour Division (WHD) periodically responds to new Family Medical leave Act (FMLA) compliance questions from employers and employees. Notable ones are posted for the benefit of people facing similar situations. This article contains a sampling.
A recent case deals with whether an employee’s time away from work to attend regular meetings at her children’s school qualifies as FMLA-sanctioned leave. The meetings were with school officials to discuss the special needs of the children and appropriate “”individualized education plans.
The IRS has announced the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Many governments have had recent questions and concerns about the impact GASB 84 would have on reporting defined contributions plans in government/fiduciary statements.
2020 is a presidential election year. You’ll have an opportunity to cast a vote for your favored presidential candidate in November, but you can make several other key “elections” this year when filing your 2019 tax return. These elections may be influenced by the Tax Cuts and Jobs Act (TCJA), as well as the year-end spending package that was signed late last year.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act contains a number of favorable provisions that will help Americans save more for retirement. However, the new law also contains an unfavorable provision that will affect nonspouse IRA beneficiaries who inherit accounts with substantial balances. As a result, some carefully constructed estate plans will be diminished.
On December 20, President Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act. It was part of the Further Consolidated Appropriations Act federal spending package.
The FICA tax calculation is comprised of two components: Social Security (SS) and Medicare (MDCR). The federal unemployment tax wage base will remain the same for 2020.
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