The New England Accounting Advisor

8 Ways Organizations Can Take Advantage of the New Stimulus

Posted by Jake McDonald on Wed, Jan 6, 2021 @ 12:04 PM

The Consolidated Appropriations Act passed on Dec. 27, 2020 provided some much needed COVID-19 relief measures along with its government funding provisions. After much back and forth among Congress about the size and scope of the stimulus package, several opportunities emerged in the final legislation, the first major stimulus package released since the spring’s Coronavirus, Aid, Relief, and Economic Security (CARES) Act. Below are eight actions your organization may want to take as part of its recovery from COVID-19 disruption.

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Topics: payroll taxes, FSA, student loans, tax credit, tax legislation, Paid Family and Medical Leave, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Employee Retention Credits, PPP, charitable contributions, SBA, loan forgiveness, Stimulus, Employee Payroll Tax Deferral, PPP2

Tax & PPP Loan Provisions in the Consolidated Appropriations Act

Posted by Jenna Peabody on Tue, Dec 29, 2020 @ 04:32 PM

On Dec. 27, 2020, President Trump signed into law the Consolidated Appropriations Act (the Act) that had been passed with overwhelming majorities in both Houses of Congress on December 21. Trump delayed the signing as he pursued, with the approval of Democratic members of Congress, an increase in the amount of Recovery Rebate checks from $600 to $2,000. Without explanation or fanfare, the President signed the bill to the surprise of members of both parties. On Dec. 28, the House passed a stand-alone bill to increase the stimulus payments to $2,000, but with voting along party lines it is expected to die in the Senate.

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Topics: individual tax, tax, tax deductions, Charitable contribution planning, Paid Family Leave, Paycheck Protection Program, PPP Loan, Stimulus, Employee Payroll Tax Deferral, Consolidated Appropriations Act

IRS Issues Employee Payroll Tax Deferral Guidance

Posted by Chrissy Hammond on Mon, Aug 31, 2020 @ 05:31 PM

Late Friday, the IRS released guidance that implements President Trump’s executive order permitting employers to defer certain employee payroll taxes. The IRS guidance provides key details on employee eligibility, the repayment period, and employer responsibilities. But the IRS guidance leaves some questions unanswered, even as the optional deferral period takes effect September 1. Importantly, the IRS guidance could cause an economic hardship for many employees while exposing employers to a new contingent liability.

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Topics: IRS, tax relief, payroll taxes, COVID19, Employee Payroll Tax Deferral

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