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The US Department of Labor has supplemented its CORONAVIRUS RESOURCES by issuing several key helps for most public and private employers with fewer than 500 employees: INITIAL GUIDANCE ON FFCRA FACT SHEET FOR EMPLOYEES FACT SHEET FOR EMPLOYERS 14 FAQS ON THE FFCRA THE EMPLOYEE NOTICE that all covered employers must post by 4/1. CARES […]
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Leave a Comment (0) →Miscellaneous Income and Non-employee Compensation The IRS has made a significant change to one of their most used annual tax forms the Form 1099. Beginning with tax year 2020, employers will use new Form 1099-NEC to report non-employee compensation and the Form 1099-MISC has been redesigned and revised for reporting other income. Redesigned Form 1099-MISC. […]
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Leave a Comment (0) →The IRS has provided two new refundable payroll tax credits[1] for small and midsize employers, designed to immediately and fully reimburse them, for the cost of providing Coronavirus-related leave to their employees. This relief has been provided under the Families First Coronavirus Response Act (the Act), signed by President Trump on March 18, 2020. The […]
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Leave a Comment (0) →Late Friday afternoon (March 27) President Trump signed into law the latest relief package designed to help individuals and companies affected by COVID-19. The bill itself is around 900 pages long and is going to take a bit of time to review, digest, and interpret by various government agencies assigned to implement it. But in […]
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