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Checklist for PPP Forgiveness

If you applied for a Paycheck Protection Program loan, and intend to apply for loan forgiveness, you may find the following checklist helpful. Remember, forgiveness applications to the Small Business Administration are done through the bank that helped you with the original loan. Different banks may have somewhat different processes. Before your request forgiveness, make …

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Payroll Tax Deferral

We have received many questions over the past weeks about the Payroll Tax Deferral ordered by President Trump that went into effect September 1, 2020.  The Treasury Department released limited guidance Notice 2020-65 outlining the mechanics of the Payroll Tax Deferral.  To understand what is required, one must understand the general rules and what has …

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IRS Issues Official Guidance Regarding Trump’s Tax Deferral

On August 28, 2020, the IRS and U.S. Treasury released Notice 2020-65 issuing official guidance regarding President Trump’s deferral of payroll taxes. The original order, issued August 8, called for a deferral of the employee’s share of Social Security taxes for the period of September 1 through December 31, 2020, for eligible employees. The new …

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FFCRA Leave Rules in Limbo After Court Decision

Under the Families First Coronavirus Relief Act (FFCRA), certain employers are required to provide employees with paid sick time to the extent that the employees are unable to work or telework due to a need for leave based on six qualifying reasons. Congress tasked the Department of Labor (DOL) with administering FFCRA, but on August …

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Executive Action Defers Payroll Taxes

On Saturday, August 8, President Trump signed a memorandum deferring the deadline for payroll taxes that employers deduct from employee paychecks and submit to the IRS. The order defers employees’ obligation to pay a 6.2% Social Security tax per paycheck and defers these taxes from September 1 through December 31, 2020. Treasury Secretary Steven Mnuchin …

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PPP Covered Period

4 things to know You have plenty of time to request Forgiveness, but we want you to keep the following things in mind: The SBA has provided clarity on who can use the simpler 3508EZ form to request Forgiveness. Check out the criteria below. Forgiveness isn’t necessarily all or nothing. You may be eligible for …

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PPP Loan Forgiveness

Many of our clients will soon be approaching the end of the 8-week “Covered Period” of Paycheck Protection Program Loans, and are working on understanding the PPP Loan Forgiveness application. We anticipate that many of our clients will benefit from a convenient “package” of reports to help calculate loan forgiveness and provide 3rd party documentation.  …

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FFCRA and CARES Acts

Here is a summary of the four provisions from the Families First Coronavirus Response Act (FFCRA) and Coronavirus Aid, Relief, and Economic Security (CARES) acts, including links to more detailed information. Please read each thoroughly, as we are including information about how we will work with you on these. FFCRA Sick and Family Medical Leave …

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Expense Reimbursements vs. Allowances

A reimbursement or allowance arrangement is a system by which you pay the advances, reimbursements, and charges for your employees’ business expenses. How you report a reimbursement or allowance amount depends on whether you have an accountable or a nonaccountable plan. If a single payment includes both wages and an expense reimbursement, you must specify …

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Portland companies owe $3.2M for worker misclassification

A recent judgment by the U.S. District Court for the District of Oregon requires the owner of a courier service, Gerald Brazie, Jr., and three of his Portland-based companies (Senvoy LLC, Driver Resources LLC, and ZoAn Management Inc.) to pay their drivers $3,087,100 in wages and liquidated damages as well as $112,900 in civil money …

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