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Manufacturing/Distribution Articles

 

All Employers Can Defer Employment Tax Deposits Until Paycheck Protection Program Loan is Forgiven

All Employers Can Defer Employment Tax Deposits Until Paycheck Protection Program Loan is Forgiven

Posted by Cory Van Deusen V on April 22, 2020

Under the payroll tax deferral opportunity provided by the CARES Act employers of all sizes (including tax-exempt/non-profit employers) can defer the deposit and payment of the employer's share of Social Security taxes. Self-employed individuals can also defer payment of some self-employment taxes.

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COVID-19 Relief for Employers: New Employee Retention Tax Credit

COVID-19 Relief for Employers: New Employee Retention Tax Credit

Posted by Angela Miles on April 15, 2020

To help curb layoffs in the midst of the coronavirus pandemic, Congress has created a new federal income tax credit for employers that keep workers on their payrolls. The credit amount equals 50% of eligible employee wages paid by an eligible employer in a 2020 calendar quarter. It's subject to an overall wage cap of $10,000 per eligible employee. Here are the details.

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New York Becomes First State to Decouple From Key Business Tax Provisions of the CARES Act

New York Becomes First State to Decouple From Key Business Tax Provisions of the CARES Act

Posted by Mark Janulewicz on April 14, 2020

On April 3, 2020, New York became the first state to decouple from particular features of the CARES Act for corporation franchise tax and personal income tax purposes and because the New York state legislation was a budget act, the decoupling extends to New York City taxes, as well. 

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Be Proactive: Steps Your Business Can Take to Prepare for Economic Assistance

Be Proactive: Steps Your Business Can Take to Prepare for Economic Assistance

Posted by Cory Van Deusen V on April 07, 2020

Of critical importance to large organizations in the CARES Act are the provisions that allocate $500 billion in loan and other support for distressed businesses in affected areas and economic sectors. Here are several steps a company can take to prepare for both the Federal and oncoming State application processes.

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401(k) Plan Contributions: Keep Calm but Know Your Options

401(k) Plan Contributions: Keep Calm but Know Your Options

Posted by Bryan Staniszewski on April 02, 2020

The coronavirus (COVID-10) pandemic has had adverse effects on many industries. Both employers and employees are seeking ways to respond to financial stress resulting from the economic slowdown and financial market volatility. If your company's revenue has plummeted, you might be considering eliminating or scaling back your contributions to employees' 401(k) accounts. Here's what you should know before making any cuts.

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IRS Releases FAQs Regarding July 15, 2020, Postponed Income Tax Filing, and Income Tax Payment Date

IRS Releases FAQs Regarding July 15, 2020, Postponed Income Tax Filing, and Income Tax Payment Date

Posted by Cheryl A. Jankowski on April 01, 2020

On March 24, 2020, the IRS posted frequently asked questions to provide additional clarification and guidance regarding the application of its relief guidance. Here is a summary of those FAQs.

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President Trump Signs Into Law CARES Act

President Trump Signs Into Law CARES Act

Posted by Mark Janulewicz on March 28, 2020

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19.

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Seven Proposed Stimulus Bill Highlights (CARES Act)

Seven Proposed Stimulus Bill Highlights (CARES Act)

Posted by Mark Janulewicz on March 26, 2020

Some of the highlights of the proposed stimulus bill (also known as the CARES Act) with respect to businesses are as follows.

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IRS Releases Updated Covid-19 Relief – Now Extending Filing Date And Payment

IRS Releases Updated Covid-19 Relief – Now Extending Filing Date And Payment

Posted by Mark Stack on March 25, 2020

On March 20, 2020, the Internal Revenue Service released Notice 2020-18, its second round of formal guidance – this time expanding its earlier guidance (Notice 2020-17) by including relief to taxpayers for both federal income tax returns and federal income tax payments which would be due April 15, 2020.

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How Manufacturers Can Navigate the Novel Coronavirus’ Supply Chain Impacts

How Manufacturers Can Navigate the Novel Coronavirus’ Supply Chain Impacts

Posted by Jonathan Roller on March 25, 2020

The novel coronavirus crisis has struck a serious blow to the manufacturing industry, which was already battling trade policy turbulence, a slowdown in global manufacturing growth and broader economic uncertainty.

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