The Associated General Contractors of America (AGC) said that the U.S. Small Business Administration (SBA) is in the process of removing the requirement that Paycheck Protection Program (PPP) borrowers submit a Loan Necessity Questionnaire when applying for forgiveness on loans of $2 million or more. A lender notice from an SBA district office also indicates [...]
Over half of all employees want to keep working from home at least part of the time, which means employers will be facing tax consequences. Requirements are different for remote and in-office staff members, and the nexus laws in a state also affects what employers pay. Jun 18th 2021 The country's workforce has changed significantly because of the [...]
COVID-19 has dented worker sentiment: although the majority (86%) of workers still say they feel optimistic about the next five years in the workplace, this is down from 92% last year. At a time of economic, professional and personal disruption, worker optimism offers hope for the world of work, according to a new research report [...]
Have you or your employees been experiencing work-from-home burnout and Zoom fatigue these past many months? Do you encounter this burnout regardless of the supposed benefit of working remotely and utilizing videoconferences for meetings? It's unfortunate that the huge bulk of efforts to address WFH burnout is focused on attempting to treat the symptoms without attending to the root causes, which originate [...]
The IRS continues to issue the third round of Economic Impact Payments to eligible individuals, with payments being issued as a direct deposit or by mail as a paper check or prepaid EIP debit card. No action is needed by most eligible people to receive a third Economic Impact Payment automatically. Check Get My Payment to see [...]
The IRS plans to automatically process refunds for taxpayers who had unemployment income in 2020 and file their tax returns before legislation passed that made those benefits tax free. The American Rescue Plan, which was signed into law by Pres. Joe Biden on March 11 made the first $10,200 of unemployment income tax free for [...]
EXECUTIVE SUMMARY The omnibus spending and coronavirus relief legislation enacted in December clarified that deductions are allowed for otherwise deductible expenses paid with the proceeds of a Paycheck Protection Program (PPP) loan that is forgiven. A refundable tax credit in the amount of $600 per eligible family member was enacted. Advance payments of the credit [...]
Democrats on the House Ways and Means Committee are urging the Internal Revenue Service to extend tax season beyond April 15 to give taxpayers another three months until July 15. Lawmakers on the tax-writing committee in Congress wrote a letter to IRS Commissioner Charles Rettig on Thursday to make the request, pointing to what happened last year [...]
Eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to: face masks; disinfectant for use against COVID-19; hand soap; hand sanitizer; disposable gloves; tape, paint or chalk to guide social distancing; physical barriers (for example, clear plexiglass); [...]
KEY POINTS The House hopes to pass its coronavirus relief bill within two weeks as Democrats in Congress took a key step toward using budget reconciliation to approve legislation. The Senate on Friday morning passed a budget resolution, and the House will follow suit in the afternoon, starting the process that will allow Democrats to [...]