On Wednesday, April 29th the IRS released a draft revision of the Form 941 for expected use beginning with Q2 2020 filings. The draft includes a significant increase in the amount of information required on the form. The current version of the form used to file Q1 2020 required 19 rows of data and the April 22nd draft doubles that number to 38 rows. The increased complexity of the form is a result of the need to account for: Payroll tax credits for the cost of providing qualified sick leave to employees Payroll tax credits for the cost of providing qualified FMLA…
Cyber Scam: Employees Being Asked to Confirm Payroll Amounts for Bogus Stimulus Payments
The various programs being offered to help businesses and employees work through the COVID 19 pandemic have also created opportunities for cyber thieves. With many employees working remotely, it is even more critical to ensure your employees know how to watch for these threats. Attackers are posing as outsourced payroll / HR reps and asking employees to click a link that includes malware. Recipients are being asked to review payroll reports that contain information about a new (fraudulent) stimulus payment. This article provides more details about the scam. Please remind your teams – whether they are working in your office or remotely…
What Documents and Information Should I Gather from my Employees that are Eligible for Paid Sick Leave or Expanded Family Medical Leave as a Result of COVID 19?
The new small business guidelines for paid sick leave and expanded family medical leave provided in the FFCRA include gathering supporting documentation from the impacted employee(s). The following 2 questions from the FAQ’s provided by the Department of Labor provide insight into the information employers should have on file to support their payroll tax credit requests for these types of paid leave. 15. What records do I need to keep when my employee takes paid sick leave or expanded family and medical leave?Regardless of whether you grant or deny a request for paid sick leave or expanded family and medical leave, you…
SBA Rules Open the Door for Faith Based Organizations to Access Forgivable Loans Provided Through the Paycheck Protection Program
With the release of an additional interim rule, the SBA cleared the way for all faith based organizations to participate in the Paycheck Protection Program. These guidelines will allow churches, synagogues, and other religious organizations that may have previously been unable to participate in the PPP to have access to the program. These forgivable loans are available to assist small businesses, nonprofits, and religious organizations in keeping their employees on staff and paid during the COVID 19 outbreak. The rule “exempts otherwise qualified faith-based organizations from the SBA’s affiliation rules, including those set forth in 13 CFR part 121, where the…