Employers are required to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act (FFCRA) on Form W-2, according to guidance from the IRS and the U.S. Treasury Department. The guidance was provided in Notice 2020-54, issued by the agencies on July 8, 2020. Reporting […]
IRS: Employers Must Report Pay for FFCRA Leave on W-2 Read More »
Even as stay-at-home orders and restrictions are lifted, daily operations won’t be business-as-usual for many across the country. The coronavirus (COVID-19) pandemic is still going on, despite businesses reopening. Moreover, public health officials and experts are warning of a potential second wave of COVID-19 cases. Of course, no one knows if or when a second
Preparing for a Second Wave of COVID-19 Cases Read More »
Since being established as part of the Coronavirus Aid, Relief and Economic Security Act in March 2020, the Paycheck Protection Program (PPP) has been the subject of additional stimulus bills, legal guidance and interim final rules. In the latest development, Congress passed the Paycheck Protection Program Flexibility Act of 2020, which is a bill that
President Trump Signs Bill Amending PPP Into Law Read More »
Highlights Each year, the IRS announces inflation-adjusted limits for HSAs and HDHPs. By law, the IRS is required to announce these limits by June 1 of each year. The adjusted contribution limits for HSAs take effect as of Jan. 1, 2021. The adjusted HDHP cost-sharing limits take effect for the plan year beginning on or
HSA / HDHP Limits will increase for 2021 Read More »
Under a new federal law effective June 5, 2020, the requirements for PPP loan forgiveness have been relaxed in favor of small businesses. The new rules are: More time to use the loan: Instead of having to use your PPP loan in the 8 weeks after you get it, the new law gives you either
New Law Provides Flexibility on PPP Loan Forgiveness Read More »
Small business owners would have more latitude in using their Paycheck Protection Program loans if President Donald Trump signs into law a bill given final passage by the Senate on Wednesday. The legislation, which passed the House with one “nay” vote and the Senate by unanimous consent, extends the amount of time borrowers have to
Senate OKs bill giving firms more time to use PPP loans Read More »
On March 27, 2020, the United States Congress approved a coronavirus relief bill called the CARES Act that created the Paycheck Protection Program (PPP) to provide forgivable loans to small businesses so they could pay their employees during the pandemic. PPP loans are intended to provide 8 weeks of cash to cover payroll, rent, utilities,
PPP Loan Forgiveness Application and Instructions Read More »
As COVID-19 continues to spread throughout the United States, there has been a massive upheaval of the American workplace. Employers have found themselves drafting and implementing policies and procedures addressing a wide array of issues including remote work, layoffs, furloughs, pay cuts, workplace conditions and many more. Not surprisingly, the uncertainty wrought by COVID-19 has
Common Employment Practices Claims Arising Out of COVID-19 Read More »
On May 14, the Department of Health and Human Services (HHS) published in the Federal Register its Notice of Benefit and Payment Parameters for 2021 final rule and posted an accompanying fact sheet. The 2021 annual out-of-pocket (OOP) maximums for non-grandfathered group health plans will increase by approximately 4.9 percent over this year’s limits: Self-only
HHS 2021 Health Plan “Parameters” Raise Out-of-Pocket Maximums Read More »
Many employers facing economic challenges because of COVID-19 have considered several possibilities for reducing their contributions to employees’ 401(k) plans. Whether freezing safe harbor matching or nonelective contributions or deciding against making discretionary matching and/or profit-sharing contributions, the goal has been the same: reduce their employee benefits costs. What many employers have not focused on
COVID-19 and Late Remittances of Employee Deferrals to 401(k) Plans Read More »
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