On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain...
Dear VRS Clients, We have received some updates regarding the Families First Coronavirus Response Act (FFCR – Phase 2) and the CARES Act (Phase 3). As always, this situation is changing and developing daily so please continue to read our updates in detail, as some updates may be overriding prior information provided. FFCR Act The IRS has addressed our confusion regarding the effective date of...
Sec. 1110 of the Phase 3 bill authorizes banks participating with the SBA program to make emergency “grants” of up to $10,000 within 3 days to a qualified applicant. The qualified applicant pretty much just needs to show that they are facing economic hardship due to COVID-19 and need to get the funds to pay employees, rent, etc. If they eventually get approved for the big Payroll Protection...
Dear VRS Clients, It has been a busy few days with additional guidance on the Phase 2 bill, and now we have the Phase 3 bill signed into law. This update will focus entirely on the impacts of the Phase 3 bill, but it is by no means a complete summary – we are only hitting the high points of the 850+ page bill. Individuals If you have been laid off or seen a reduction in hours, the bill boosts...
VRS continues to monitor the situation in an effort to help our clients make the best possible decisions through this difficult time. Things are changing daily, so please make sure to check our most recent communications and posts on our website for the most up-to-date information. A message we put out a week ago may have changed. We had a great conversation yesterday with Dusty Johnson’s...
According to the Q&A on the U.S. Department of Labor website, the DOL now says the paid sick leave & extended FMLA starts on April 1st, despite their initial press release stating they would make the bill “available immediately” to help taxpayers. Read more about the Families First Coronavirus Response Act here:
Dear VRS families, We have been working tirelessly to try to find answers regarding this COVID-19 bill and how it will affect our small business owners and their employees. We will do our best to lay out all of the facts as we understand them today, but as you well know – things are changing every hour so please understand that if I am misstating something it is not intentional. The bill that...
Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or interest. New law On March 18, the Senate passed...
March 21, 2020 Re: COVID-19 Update Dear VRS Client, We are entering uncharted territory with the COVID-19 pandemic, and VRS is closely monitoring all developments to both protect our clients and staff AND provide you with developments that will affect your business and/or tax return. Please recognize that the situation and laws are changing by the hour, so this letter is only meant to cover the...
Dear VRS P.C. Clients, We are thinking of you all during these uncertain times and want to be an essential resource to you as you make critical business decisions. Every minute we are educating ourselves on the new federal and state legislation related to COVID-19, and how it will impact your business. As part of federal House Resolution 6201, Families First Coronavirus Response Act, signed into...
