New law: Parents and other eligible Americans to receive direct payments
March 16, 2021 COVID-19
New law: Parents and other eligible Americans to receive direct payments

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the […]

The American Rescue Plan Act has passed: What’s in it for you?
March 11, 2021 COVID-19
The American Rescue Plan Act has passed: What’s in it for you?

Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. President Biden is expected to sign the 628-page American Rescue Plan Act (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments. The ARPA […]

The latest on COVID-related deadline extensions for health care benefits
March 10, 2021 COVID-19
The latest on COVID-related deadline extensions for health care benefits

The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-19-related deadline extensions that apply to health care benefits plans. Extensions to continue The DOL and IRS issued guidance last year specifying that the COVID-19 outbreak period — defined as beginning […]

PPP adjusted to prioritize very small businesses
March 4, 2021 COVID-19
PPP adjusted to prioritize very small businesses

When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their workers on the payroll.” However, according to federal officials, the recently issued second round of funding has distributed only a small percentage of the $15 billion […]

How the new COVID-19 relief law affects retirement benefits
January 21, 2021 COVID-19
How the new COVID-19 relief law affects retirement benefits

The Consolidated Appropriations Act (CAA) includes a wide variety of provisions that address the ongoing economic hardships caused by the COVID-19 pandemic. There are so many provisions, in fact, that you may find it challenging to keep track of everything pertinent to your organization. One example is retirement benefits. Although the CAA doesn’t make sweeping […]

Need another PPP loan for your small business? Here are the new rules
January 14, 2021 COVID-19
Need another PPP loan for your small business? Here are the new rules

Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of interest for small business owners in the Consolidated Appropriations Act (CAA) is the opportunity to take out a second loan under the Paycheck Protection Program (PPP). The basics The CAA permits […]

Preventing surprise billing under the new COVID-19 relief act
January 12, 2021 COVID-19
Preventing surprise billing under the new COVID-19 relief act

By now you’ve likely heard and read much about the Consolidated Appropriations Act (CAA). Among its primary purposes, of course, is to provide much-needed relief to individuals and businesses still struggling during the COVID-19 pandemic. A couple of the law’s most talked-about features are stimulus payments to individuals and expansion of the Paycheck Protection Program […]

The COVID-19 relief law: What’s in it for you?
January 12, 2021 COVID-19
The COVID-19 relief law: What’s in it for you?

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct […]

The Coronavirus Response and Relief Supplemental Appropriations Act Heralds Many Tax Changes
December 28, 2020 COVID-19
The Coronavirus Response and Relief Supplemental Appropriations Act Heralds Many Tax Changes

By Nicholas Sanchez, J.D., LL.M. Taxation   Sunday night, December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021, H.R. 133, Division M of which includes the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (“CRRSAA” or “the Act”). The Act contains many tax provisions, one of the most anticipated being clarification on the […]

IRS releases final instructions for payroll tax form related to COVID-19 relief
December 8, 2020 COVID-19
IRS releases final instructions for payroll tax form related to COVID-19 relief

In response to the COVID-19 pandemic, the federal government enacted legislation that includes deferral of the employer’s portion of Social Security tax. The IRS then significantly revised Form 941-X, “Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund,” to allow for adjustments and corrections to COVID-19 tax relief on previously filed Forms 941. The IRS recently released the […]

Agencies issue final regs addressing a COVID-19 vaccine and more
November 19, 2020 COVID-19
Agencies issue final regs addressing a COVID-19 vaccine and more

The IRS, U.S. Department of Labor and Department of Health and Human Services recently issued interim final regulations addressing group health plan coverage of COVID-19 preventive services — including vaccinations — and testing. The regulations are effective immediately and will sunset at the end of the COVID-19 public health emergency. Qualifying preventive services The regulations […]

Can employers provide disaster relief for COVID-19?
October 16, 2020 COVID-19
Can employers provide disaster relief for COVID-19?

Many employees have suffered financial hardships because of the COVID-19 pandemic. In response, some employers may consider offering financial assistance as a fringe benefit. A common question that arises regarding such an idea is: Does the Internal Revenue Code allow disaster relief payments to be made on a tax-advantaged basis specifically in relation to COVID-19? […]