News
Employers Can Defer Payroll Taxes UNTIL PPP Loan Is Forgiven
Under the CARES Act, employers of all sizes can defer the remittance of the employer’s Social Security tax due between March 27 and December 31, 2020. Instead of remitting this tax along with other payroll taxes when normally due, employers can remit half of their Social Security tax by December 31, 2021, and the other half by December 31, 2022. Note that this does not apply to the employer’s Medicare tax or to any federal taxes withheld from employees... READ MORE
How Do Payroll Tax Credits For COVID-19 Payments Work?
Payroll tax credits available for paid sick and family medical leave associated with the coronavirus pandemic have been addressed in a previous JPS article. Since then, the Department of Labor and the IRS has provided additional guidance. JPS has also had the opportunity to work with businesses that are making these payments to employees and provides the following guidelines to ensure credits are properly claimed. The Families First Coronavirus Response Act (FFCRA) is one of three legislative packages
CARES Act: Individual Taxpayer Highlights
There are many pages in the CARES Act written about individual taxpayer provisions. The Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law by President Trump on March 27, 2020. CARES Act provides relief to individuals, businesses, nonprofits and others affected by COVID-19. JPS has summarized some of the top provisions for individual taxpayers to consider.2020 Recovery Refund Checks for Individuals The CARES Act provides eligible individuals with a refund check, which JPS has
Discussing PPP, EIDLs & Tax Update
Join Rollin Groseclose & Sandra Dennison For Online Meeting - Open to Public Discussing PPP, EIDLs & Tax Update Tune in on Tuesday, April 7, 2020, 2:00 - 3:00 pm to hear JPS Rollin Groseclose, VP of Taxation Services, and Sandra Dennison, Regional Director of SBTDC, present updates on issues ranging from PPP, to EIDLs, to tax implications for small businesses of the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The webinar is free
Facebook Live: Loan Options Explained
Watch the McDowell Chamber's Facebook page for a live event featuring local financial professionals presenting key points of the Emergency Injury Disaster Loan and the Paycheck Protection Program loan. We'll be covering the pros and cons of each, walk through the application process, and have a Q&A session to wrap things up. The Facebook Live event will be at 10 a.m. Friday, April 3, 2020 at https://www.facebook.com/myhometownchamber/. The City of Marion, the Marion Business Association, and the
Treasury, IRS, and Labor Announce Plan to Implement Coronavirus-related Paid Leave for Workers
WASHINGTON – This week the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act),
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