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8 Ways Organizations Can Take Advantage of the New Stimulus Legislation
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

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

Assessing the Impact of President Trump’s 4 Executive Orders
Posted by Bill Smith on Wed, Aug 12, 2020 @ 05:39 PM

President Trump took unprecedented action over the past weekend signing four executive orders related to the ongoing coronavirus pandemic. These orders include a payroll tax deferral, a temporary increase in unemployment benefits, a statement on reducing evictions, and a continuance of the pause for student loan payments and student loan interest. Several members of Congress have questioned the legal basis for certain of the executive orders, with the exception of the student loan moratorium. It is unclear whether or when Congress may bring a legal challenge to certain of the executive orders. In any case, various federal agencies must implement the executive orders before they can become effective.

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Topics: IRS, payroll taxes, Taxes, Trump, COVID19, Coronavirus

Executive Order for Payroll Tax Holiday Puts Employers in No-Win Scenario
Posted by Bill Smith on Mon, Aug 10, 2020 @ 10:55 AM

On August 8, President Donald Trump signed four Executive Orders, one of which addresses a federal payroll tax holiday that he has sought to have included in any new coronavirus pandemic relief legislation. The President’s order is in response to the absence of movement by Congress on an additional stimulus package. The new order defers the withholding, deposit and payment of the employee’s share of federal OASDI (Social Security) payroll taxes (6.2%) from Sept. 1, 2020 through Dec. 31, 2020, on wages of employees whose annualized income is “generally” less than $100,000. While some have questioned President Trump’s legal authority to take this action, employers are placed in a precarious and potentially costly situation regardless of the legal outcome.

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Topics: IRS, payroll taxes, Taxes, Trump, COVID19, Coronavirus

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