Hey Compliance Warriors! The Treasury Department and the Internal Revenue Service today provided guidance in Notice 2020-54 to employers requiring them to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act (FFCRA) on Form W-2. Read on…
Tag: IRS
Hey Compliance Warriors! Recently, because of social distancing measures, the IRS has allowed remote notorizing of participant elections that would otherwise need to be done in person. Obviously there are rules and guidelines to follow when attempting this course of action, so for the details, Read On… Article Via: beneficiallyyours.com Many plans prohibit distributions in […]
Hey Compliance Warriors! Yesterday, Friday, May 15th, 2020, the SBA and U.S. Treasury released the highly anticipated PPP Loan Forgiveness Application. The application and instructions total 11 pages and come with new instructions for the confusing FTE calculations and a 2-part application/worksheet combo. We were also told which documents must be submitted along with your worksheets […]
On May 11, the IRS updated FAQs 64 and 65 and added new FAQ 79. Q&As 64 and 65 now state that employers can claim the ERC for qualified health care expenses regardless of whether the employee is paid qualified wages. The revised FAQs clarify this new interpretation with five examples in which qualified health care […]
Hey Compliance Warriors! The Internal Revenue Service released guidance, on Wednesday, to allow temporary changes to section 125 cafeteria plans. These changes extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs and allow taxpayers to make mid-year changes. Read on…
Hey Compliance Warriors! The IRS released two new notices today regarding Section 125 Plans and High Deductible Health Plans. Good info. Read on…
HR News, Payroll, payroll law, taxes
IRS: Three tax credits are available to many businesses hit by COVID-19
Hey Compliance Warriors! The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them. Read on…
Employment Law Blogs, HR News, payroll law
IRS Says Expenses Paid with Forgiven PPP Loans are Not Tax Deductible
Hey Compliance Warriors! The Internal Revenue Service on April 30 issued guidance that states that employers who received loans through the Paycheck Protection Program (PPP) will not be eligible for tax deductions on expenses if payment of those expenses funded by the loan results in the loan being forgiven. Read on…
Hey Compliance Warriors! Rapidly changing rules and regulations for the Coronavirus pandemic are leading to new guidance daily. Here are some new IRS notices. Read on…
Hey Compliance Warriors! Today the IRS launched a helpful application that will tell you the status of your (roughly) 1200$ individual stimulus check. Since distribution started this past Saturday, millions of people are already frantically wondering where their portion of the stimulus fund is. Thankfully, finding out seems pretty simple via the provided link and […]