Two core elements of the Families First Coronavirus Response Act (FFCRA) that was signed into law on March 18 were the extension of paid sick leave benefits and Family Medical Leave Act (FMLA) benefits to employees affected by the COVID-19 outbreak working for employers with fewer than 500 employees and government employees. With many employers and self-employed individuals already feeling the financial effects on their businesses from social distancing and mandatory closures, the FFCRA includes provisions to help reduce the cost of these expanded benefits on affected employers though refundable tax credits. READ MORE
The IRS has announced that individual taxpayers and trusts will be allowed to defer until July 15 the payment of up to $1 million in federal income taxes and that C corporations will receive a similar accommodation on up to $10 million in corporate income taxes. READ MORE
We are living in a time of crisis in a constantly evolving situation which is causing hardship and distress for many SMEs and self-employed contractors. This stress is compounded by financial hardship imposed by the current isolation and social distancing Covid-19 restrictions and their immediate and dramatic effect on businesses.
Revenue are closely monitoring the situation. and On 12th March the Revenue Commissioners implemented certain measures in order to alleviate the situation and to assist small and medium enterprise businesses experiencing cashflow and trading difficulties arising from the impacts of the Covid-19 virus.
Papildoma informacija dėl mokesčių ir valstybinio socialinio draudimo (VSD) įmokų mokėjimą palengvinančių priemonių taikymo | COVID-19
Šiandien paskelbta papildoma informacija dėl mokesčių ir valstybinio socialinio draudimo (VSD) įmokų mokėjimą palengvinančių priemonių taikymo, t.y.:
1. Bus sudaryta galimybė supaprastinta tvarka atidėti mokesčių sumokėjimą, nemokant jokių palūkanų.
2. Artimiausiu metu VMI interneto svetainėje (skiltyje „Aktuali informacija verslui dėl COVID-19″) paskelbs mokesčių mokėtojus, kuriems bus taikomos šios priemonės: Read more…
This notice is current as of 4:30 PM EST on Wednesday, March 18.
Howard & Howard remains committed to providing our clients with stability and exceptional service during these uniquely challenging times. In this alert, we offer you positive considerations and ideas to help you navigate the COVID-19 crisis. We will continue to look for creative options to assist you with your business and tax concerns in light of the ever-changing social and business landscape. Read more…
On March 14, 2020, the U.S. House of Representatives passed H.R. 6201, the Families First Coronavirus Response Act (the “Act”). The Senate is expected to pass the Act this week and President Trump has indicated that he will sign it. The government, however, has indicated that further revisions to the Act may be required.
If enacted into law, the Act would require many employers to provide paid sick and family medical leave to their employees, in addition to making other changes. These provisions are intended to mitigate the economic hardship that many employees would face if the coronavirus forced them to miss work for an extended period of time. These new requirements apply only in the case of a private employers who employ less than 500 employees. These provisions of the Act are discussed in our prior alert here. Read more…