Overview Under the American Rescue Plan Act of 2021 (ARP), small and midsize employers and certain governmental employers are allowed to claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19 illnesses and vaccinations. This includes leave taken by employees to receive […]
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Many people are familiar with tax credits for individual taxpayers, such as the credits for higher education expenses or the child tax credit. But businesses and business owners also may be eligible for some valuable credits that can lower their tax bills. Here are seven credits for small business owners to consider this tax year and beyond. 1. Research Credit […]
The coronavirus (COVID-19) outbreak has had a crippling effect on the global economy. This is clearly uncharted territory. As millions around the globe do their best to minimize their exposure to the virus, business owners and managers face an uncertain and stressful future including COVID-19-related business risks. Faced with faltering demand, anxious employees, health safety […]
Questions from employers and employees about coronavirus (COVID-19) pandemic are multiplying almost as fast as the virus itself. Employers need to rely on a combination of authoritative legal and medical advice, and their own common sense, to keep employees safe and determine HR policy. Guidance issued almost daily from the Centers for Disease Control (CDC), […]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to giving people access to health care treatments, the new law will provide roughly $2 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the coronavirus (COVID-19) pandemic. Here […]
Here’s what to know before scaling back or eliminating employees’ 401(k) contributions: The coronavirus (COVID-19) pandemic has had adverse effects on many industries. Both employers and employees are seeking ways to respond to financial stress resulting from the economic slowdown and financial market volatility. If your company’s revenue has plummeted, you might be considering eliminating […]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides roughly $2 trillion of much-needed financial relief, including tax relief, to individuals and businesses. This relief is in response to the coronavirus (COVID-19) pandemic. One CARES Act provision temporarily relaxes the Tax Cuts and Jobs Act (TCJA) limitation on deductions for business interest expense. Here’s […]
Due to the coronavirus (COVID-19) pandemic, employers are now faced with many challenges with their workforces, including responding to changes in employee benefits programs, such as DCAP elections. In response, they have many questions. Here’s one question from an employer: Q. One of our employees has approached us with a dilemma. She would like to revoke […]
Michigan has started sending out this notice regarding unemployment compensation: “The Unemployment Insurance Agency records show you recently established a claim for unemployment benefits. This notice is to advise you that an addition to your weekly benefit amount, you are also entitled to receive an additional $600 per week in Federal Pandemic Unemployment Compensation (FPUC). […]
Disclaimer: The information available to us is changing rapidly & key questions remain about how to implement the Paycheck Protection Program. Although the information below is provided based on our best judgement about what we know at this time, portions could already be outdated. We encourage you to check in with us for additional insights […]