Various levels of government are issuing relief to individuals and businesses in response to the Coronavirus Pandemic. There will be more to come once the Stimulus Package is complete, but here’s what we know now.
US Department of Labor Issues Guidance on Families First Coronavirus Response Act:
On March 24, 2020, the U.S. Department of Labor’s Wage and Hour Division (WHD) announced its first round of published guidance to provide information to employees and employers about how each will be able to take advantage of the protections and relief offered by the Families First Coronavirus Response Act (FFCRA) when it takes effect on April 1, 2020.
Click here to read full news release for more details
IRS Announces Plan to Implement Coronavirus-related Payroll Tax Credits:
The IRS has announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits provided by the Families First Coronavirus Response Act (the Act).
The credits are designed to give businesses with fewer than 500 employees funds to provide coronavirus-related paid leave, either for an employee’s own health needs, or to care for family members. Under the Act, employees receive up to 80 hours of paid sick leave for coronavirus-related reasons and expanded paid childcare leave when schools are closed or childcare providers are unavailable.
To take immediate advantage of the paid leave credits, employers can retain and access funds that they would otherwise pay to the IRS in payroll taxes. If those amounts are not sufficient to cover the cost of paid leave, employers can seek an expedited advance from the IRS by submitting a streamlined claim form that will be released in the near future.
Click here for IRS News Release IR 2020-57
Texas Comptroller of Public Accounts Offering Sales Tax Assistance:
If Texas businesses are having difficulty paying sales tax this month, the Texas Comptroller’s Office is offering assistance in the form of short-term payment agreements and, in most instances, waivers of penalties and interest.
Click here for details on the Announcement
During this time of constant change, we are doing our best to keep you informed of the financial news that matters to you. Please let us know if you have questions as we all work through this together. We are here for you.
President, theKFORDgroup
theKFORDgroup team is ready to assist you with your tax questions. Give us a call at (210)340-8351.