On March 27, 2020, President Trump signed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (Public Law No: 116-136, the “CARES Act” or the “Act”). Title I of the CARES Act creates the Paycheck Protection Program (discussed in more detail here). Generally speaking, the Paycheck Protection Program permits certain small businesses to
Traps for the Unwary: Not All State Tax Deadlines Have Been Extended
While the Louisiana Department of Revenue (the “Department”) has extended some filing and payment deadlines, it has not extended the April 15 and June 15 deadline for making 2020 first and second quarter individual and corporate estimated state income tax payments. Nor has the Department extended the April deadline for reporting and remitting March state
Uncertainties Created by Tax and Accounting Issues Raised by the Paycheck Protection Program in the Coronavirus Aid, Relief, and Economic Security Act
On March 27, 2020, President Trump signed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (Public Law No: 116-136, the “CARES Act” or the “Act”). Title I of the CARES Act creates the Paycheck Protection Program (discussed in more detail here). Generally speaking, the Paycheck Protection Program permits certain small businesses to
Tax Related Employment and Employee Benefits Changes in the Coronavirus Aid, Relief, and Economic Security Act
On March 27, 2020, President Trump signed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”). The CARES Act makes significant changes tax related employment and employee benefits changes in the form of a number of relief provisions designed to mitigate the negative economic consequences of the novel
Families First Coronavirus Response Act with Emphasis on Tax Credit Provisions
The Families First Coronavirus Response Act (“FFCRA”) was enacted as HR 6201 and signed into law on March 18th, 2020. The Act consists of three divisions which are relevant to the provision of family and medical and sick leave and providing for tax credits in connection with the mandatory family and medical and
Tax and Accounting Implications of the $2 Trillion Stimulus to Assist Individuals and Businesses Impacted by the Novel Coronavirus Pandemic
On March 27, 2020, President Trump signed H.R. 748, the Coronavirus Aid, Relief and Economic Security Act (Public Law No: 116-136, the “CARES Act” or the “Act”). The CARES Act makes significant changes to the taxation of individuals and businesses in the form of a number of relief provisions designed to mitigate the negative economic
Season’s Greetings from the IRS: Employer ACA Penalty Notices are in the Mail
The IRS is starting to notify employers of their potential liability under Obamacare’s employer mandate for the 2015 calendar year. According to the IRS, the determinations are based on the employer’s 1094-C/1095-C informational returns filed for the 2015 tax year as well as individual tax information filed by the employer’s employees.
The IRS will notify
Lawsuit Claiming that Employer Sought to Evade Obamacare Costs Leads to $7.4 Million Class Action Settlement
As employers are well-aware, the Affordable Care Act (ACA or “Obamacare”) imposes certain minimum employee health insurance coverage requirements for employers that employ 50 or more fulltime employees (aka “applicable large employers”). Employers who do not meet the employee coverage mandate face statutory penalties for non-compliance. In the face of these additional costs, some employers