In the absence of agency guidance, the legal employee benefits community appears to be interpreting the Act’s optional COVID-19 distribution provision as applying only to DC plans. However, retirement plan sponsors should consult their legal counsel. Is there an extension for the Annual Funding...
On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief and Economic Security Act (the CARES Act or Act). The CARES Act is intended to provide economic relief to individuals and businesses facing hardship due to the COVID-19 crisis. It includes various provision...
View On-Demand The CARES Act created a new “employee retention credit” to assist employers affected by the COVID-19 pandemic. Many questions have been raised about what entities are eligible, how qualified wages are determined, and how this credit interacts with other payroll inc...
Under the CARES Act, employers can provide up to $5,250 annually toward employee student loan payments on a tax-free basis before January 1, 2021. The payment can be made to the employee or the lender. (The employee can’t take a student loan interest deduction for any loan payment for...
While the ERTC was created in the CARES act along with the PPP Loans - this is not a loan, there is no repayment. There are no restrictions for what recipients of the credit must use the funds. Up to $26,000 Per w-2 Employee ...
The CARES Act made some minor amendments and clarifications to thecoronavirus-related act signed last weekthat deal largely with the expansion of Family and Medical Leave Act and emergency paid medical leave. The amendments redefine “eligible employee” under the FMLA expansion to include employees ...
The employer’s payment must be made after the CARES Act’s enactment, but before January 1, 2021. To the extent the employer pays a portion of the employee’s student loan under this new provision, the student will be denied a corresponding deduction (i.e., double benefit) under ...
Wages, commissions, income or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee Extends duration of benefits from 26 weeks (available in most states) to 39 weeks Provides an additional $600 per week in benefits for first four months ...
“CARES Act”). This historic $2 trillion relief package received bipartisan support and is part of the third wave of federal government support as the nation copes with the acute economic fallout from the coronavirus (COVID-19) pandemic. Some of the key provisions of the CARES Act tha...
Payment of state or local taxes assessed on employee compensation. For independent contractors and sole proprietors, payroll costs include compensation that is not more than $100,000 in one year, as prorated for the covered period of Feb. 15 – June 30). ...