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The CARES Act includes a provision allowing employers and the self-employed to defer a portion of social security tax payments for the remainder of 2020.  Employers All employers are eligible to defer payment of the employer portion of social security taxes on wages paid from March 27, 2020 through December...

Background The new law establishes a payroll tax credit for employers subject to closure or experiencing economic hardship due to COVID-19. The business must meet one of two tests for its wages to qualify for the credit: 1. Business is fully or partially shut down due to orders from a...

The Coronavirus Aid, Relief, and Economic Security Act was signed by President Trump on March 27, 2020.  As part of this new law, stimulus rebate payments will soon be getting sent to most individuals. Taxpayers are eligible for a rebate payment equal to the sum of $1,200 ($2,400 for joint...

FAMILIES FIRST CORONAVIRUS RESPONSE ACT The Families First Coronavirus Response Act, has been signed by the President and includes mandatory paid leave requirements and related tax credits that will affect many small businesses.  These new rules are effective April 2, 2020. Required Paid Leave  Employers with fewer than 500 employees...

The IRS issued guidance on March 21, 2020 allowing a deferral of federal income tax filings and payments until July 15, 2020.  All individual, corporate and other non-corporate tax filers may defer federal income tax (including self-employment tax) filings and payments due on April 15, 2020 until July 15, 2020...