IRS Releases Guidance on W-2 reporting for FFCRA
The IRS released guidance on how employers must report the amount of emergency sick leave wages and expanded family leave wages (together, qualified leave) paid to employees under the Families First Coronavirus Response Act (FFCRA) between April 1 and December 31, 2020 [Notice 2020-54, 7-8-20]. Employers are required to report these amounts either on Form
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IRS release final draft of Form 941
The new Form 941 will be used beginning with the second quarter return (April 1 to June 30) that must be filed by July 31 (August 10 for employers that made timely deposits in full payment of their taxes for the first quarter). Final Form 941
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Helpful Information for Returning Employees to Work
1. Chamber of Commerce -Standardized Employee Screening Questionnaire Return to Work Questionnaire 2. OSHA – Guidance on Preparing Workplaces for COVID-19 https://www.osha.gov/Publications/OSHA3990.pdf 3. U.S. Department of Labor – COVID-19 and the American Workplace https://www.dol.gov/agencies/whd/pandemic
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IRS Tax Deposit & Correcting Forms Reminders and Due Dates
Semi-weekly depositors. Semi-weekly depositors must deposit the income tax they withheld from employee wages, and both the employee and employer share of Social Security and Medicare Taxes (FICA taxes), by the end of Wednesday if the payday was on the previous Wednesday, Thursday, or Friday; or by the end of Friday if the payday was on the
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SBA, Treasury & IRS release interim final rules on PPP loan forgiveness and tax credits
1.Business Loan Program Temporary Changes; Paycheck Protection Program – Requirements – Loan Forgiveness https://home.treasury.gov/system/files/136/PPP-IFR-Loan-Forgiveness.pdf 2. Business Loan Program Temporary Changes; Paycheck Protection Program – SBA Loan Review Procedures and Related Borrower and Lender Responsibilities https://home.treasury.gov/system/files/136/PPP-IFR-SBA-Loan-Review-Procedures-and-Related-Borrower-and-Lender-Responsibilities.pdf 3. Foreign affiliates. https://home.treasury.gov/system/files/136/Interim-Final-Rule-on-Treatment-of-Entities-with-Foreign-Affiliates.pdf 4. Second extension of safe harbor for certification of necessity https://home.treasury.gov/system/files/136/IFR–Second-Extension-of-Limited-Safe-Harbor-with-Respect-to-Certification-Concerning-Need-for-PPP-Loan-and-Lender-Reporting-5-20-2020.pdf 5. New Employer Tax Credits
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