President Biden’s signing of the Infrastructure Investment and Jobs Act (IIJA) on November 15, 2021, retroactively eliminates an employer’s ability to claim employee retention credits (ERC) for eligible wages paid after September 30, 2021.
On August 3, 2020, the U.S. Internal Revenue Service (IRS) posted a set of frequently asked questions (FAQs) regarding the tax treatment of leave-sharing plans maintained by an employer to help its COVID-19 affected employees.
The Beltway Buzz is a weekly update summarizing labor and employment news from inside the Beltway and clarifying how what’s happening in Washington, D.C. could impact your business.
On August 8, 2020, President Trump issued a memorandum with the stated purpose of providing “further temporary relief … to support working Americans” by enabling the deferral of employee Social Security taxes for specific individuals.
The novel coronavirus (COVID-19) continues to cause widespread challenges for employers and their employees. Accordingly, employers have implemented a number of policies and programs to assist employees and others impacted by COVID-19.
On April 29, 2020, the Internal Revenue Service (IRS) provided additional guidance on the employee retention credit (ERC) available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act via new frequently asked questions (FAQs).
On April 30, 2020, the Internal Revenue Service (IRS) released a draft of Form 941, Employer’s QUARTERLY Federal Tax Return, and accompanying instructions. The revised Form 941 includes various additional entries to report and reconcile payroll tax credits and deferral opportunities available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and Families First Coronavirus Response Act (FFCRA).
On March 25, 2020, the U.S. Senate voted unanimously (96-0) to pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act as an attempt to stabilize the U.S. economy disruptions in the wake of the COVID-19 pandemic. The CARES Act aims to boost the economy with over $2 trillion in tax and non-tax emergency aid provided to individuals and businesses. The U.S. House of Representatives approved the bill on March 27, 2020, which is now pending presidential signature.
On December 5, 2019, the Internal Revenue Service (IRS) issued the final redesigned 2020 Form W-4, Employee’s Withholding Certificate, to incorporate changes pursuant to the Tax Cuts and Jobs Act of 2017.
Employers historically have maintained executive health examination programs to provide a convenient and efficient means for executives to visit several doctors in one visit, including for vision and annual health checkups. Generally, these programs are covered under employers’ self-insured health policies. This article discusses the taxability of employer-provided executive health examination programs and the associated employment tax withholding and reporting requirements.