Important Updates to Pennsylvania Overtime Pay Rules

The PA Department of Labor & Industry (L&I) amended the Minimum Wage Act to clarify requirements and update salary thresholds to reflect the current wages paid to Pennsylvanians working in executive, administrative, and professional occupations.  The federal Fair Standards Labor Act took effect on January l, 2020 raising the federal overtime salary threshold to $35,568.  Pennsylvania’s Overtime Rules … Continued

The IRS Has Extended The ACA Deadlines

On October 2, 2020 the IRS announced that it is extending the ACA deadline again for this year.    Employers were originally required to furnish year 2020 form 1095-C and/or 1095-B information returns to employees by January 31, 2021.  Following suit from prior years the IRS had automatically extended the deadline to March 2, 2021.   This … Continued

Payroll Deferral Tax Employer FAQ

Payroll Tax Deferral Next Steps Earlier this week we sent an update regarding the Employee Social Security Tax Deferral. You can find a link to this notice here.  Below we are including an updated FAQ for employers regarding the Payroll Tax Deferral.  Additionally, we know that some of you may be fielding questions from your employees.   … Continued

IRS AND TREASURY ISSUE GUIDANCE ON THE PAYROLL TAX DEFERRAL

Late on Friday August 28, 2020 the IRS and the Department of Treasury issued long-awaited guidance on the payroll tax deferral that was issued by President Trump in a memorandum on August 8, 2020.   The IRS notice (Notice 2020-65) states the following: Allows employers to postpone the withholding, deposit, and payment of the employee portion of Social … Continued

Executive Order Signed August 8th

On Saturday, President Trump signed an Executive order regarding a deferral for employee and employer Social Security tax. While these are not yet actionable as we are awaiting further guidance from the Treasury Department, we are committed to bringing you the most up to date information. We will continue to monitor legislation.   Here is what … Continued

The SBA issues FAQs Regarding Loan Forgiveness

On Tuesday the Small Business Administration released a sheet of FAQs regarding PPP Loan Forgiveness. The FAQs are very detailed and provide much needed clarification on a host of topics including calculating owner’s compensation, payroll costs, group health benefits, and loan forgiveness reductions.   The SBA also includes specific calculation examples and scenarios to help illustrate … Continued

Senate Releases COVID-19 Relief Proposal

As always, we’re keeping you abreast of the all the updates coming out of Washington regarding COVID-19 relief and PPP. After much anticipation, the Senate has released its latest effort on these efforts. A summary of the proposal is below.  While this is nowhere near a finalized piece of legislature, it’s a jumping off point … Continued

New PPP Loan Report & Legislative Update

As promised, below you will find instructions for Phase 2 of the PPP Loan Forgiveness Report.   Additionally, Trump just signed into law the PPP Flexibility Act of 2020.  The full legislative text can be found here. The legislation amends and expands the Cares Act provisions related to PPP Loan Forgiveness.  Below are some of the key points: … Continued