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Tax relief  The CARES Act amended a range of provisions across the Internal Revenue Code, affecting both individuals and businesses. [read post]
31 Mar 2020, 7:32 am by Christopher McKinney
It depends on your normal schedule as well as why you are taking leave.If you are taking paid sick leave because you are unable to work or telework due to a need for leave because you (1) are subject to a Federal, State, or local quarantine or isolation order related to COVID-19; (2) have been advised by a health care provider to self-quarantine due to concerns related to COVID-19; or (3) are experiencing symptoms of COVID-19 and are seeking medical diagnosis, you will receive for each applicable… [read post]
31 Mar 2020, 2:00 am by HR Daily Advisor Editorial Staff
For high-deductible health plans (HDHPs), the Internal Revenue Service previously provided “welcome relief” in guidance clarifying that first-dollar coverage of COVID-19 testing or treatment will not jeopardize HDHP status for purposes of health savings account eligibility, Conley noted in a March 23 webinar. [read post]
30 Mar 2020, 5:36 pm by Matthew D. Lee
The Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most individuals. [read post]
30 Mar 2020, 4:17 pm by Michael Walker
In response to the COVID-19 pandemic, the last few weeks have seen an unprecedented series of legislative actions by Congress, as well as a number of significant administrative actions by the Internal Revenue Service. [read post]
An Employer’s Contributions to a Group-Term Life Insurance Policy In FLSA2020-5, the WHD analyzed whether the regular rate must include the portion of an employer contribution to group term life insurance coverage exceeding $50,000 that the Internal Revenue Code (“IRC”) treats as imputed income taxable to the employee. [read post]
30 Mar 2020, 12:47 pm by Shannon O'Hare
  In defining which businesses would be considered large employers, the CARES Act cross-references the rules provided under the Affordable Care Act (in Section 4980H of the Internal Revenue Code of 1986, as amended (the “Code”)), which are complex. [read post]
Under the FFCRA, employers are required to bear the up-front costs of paid sick and paid FMLA leave, and receive a dollar-for-dollar reimbursement from the Internal Revenue Service (the “IRS”) in the form of a tax-credit. [read post]
30 Mar 2020, 9:19 am by Steven Boutwell
  The CARES Act is intended, in part, to provide small businesses some much needed relief in dealing with significant revenue shortages and the incentive to maintain existing workforces so as not to further compound the economic impact on American workers. [read post]
29 Mar 2020, 3:05 pm by Matthew D. Lee
The IRS did not make any announcement about whether call centers would continue to be staffed, or whether mail sent to service centers would be opened and processed. [read post]
28 Mar 2020, 5:25 am by Matthew D. Lee
As a follow-up to its announcement that the April 15 income tax filing deadline is extended to July 15, the Internal Revenue Service has created a series of Frequently Asked Questions to address common questions that may arise from taxpayers and tax professionals. [read post]
27 Mar 2020, 1:47 pm by Steven Boutwell
  Unless an exception applies, Internal Revenue Code (“IRC”) Section 61 requires a taxpayer to include cancellation of indebtedness income in its taxable income. [read post]
27 Mar 2020, 9:06 am by Shawn Garrison
However, there are provisions within federal code and Internal Revenue code, as well as in many states’ revenue codes that allow for employers to provide to employees when there is a disaster declaration, like there is currently nationwide, qualified disaster relief payments. [read post]
26 Mar 2020, 9:39 pm
The IRS has issued the following press release: IR-2020-59, March 25, 2020 WASHINGTON — To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. [read post]
26 Mar 2020, 2:42 pm by Sara Qureshi
The Internal Revenue Service (“IRS”) announced on March 25, 2020, an extensive series of steps to help taxpayers on a number of issues, including easing payment guidelines and postponing compliance actions, through the enactment of the People First Initiative. [read post]
26 Mar 2020, 2:34 pm by Kevin Kaufman
The equalization levy has been in place since 2016 and was originally designed as a 6 percent tax on gross revenues from online advertising services. [read post]
As set forth in the Internal Revenue Service’s IR-2020-57, DOL issued guidance in Field Assistance Bulletin 2020-1 (March 24, 2020) (the “FAB”) providing a temporary 30-day non-enforcement policy of violations of the Act (from March 18 through April 17, 2020) for employers that acted reasonably and in good faith as defined therein. [read post]
Meanwhile, under existing law, the Internal Revenue Code of 1986, as amended (the “Code”) permits employers to provide some immediate and direct employee assistance on a tax-favored basis. [read post]
26 Mar 2020, 7:14 am by Bryan Forman
Treasury and Internal Revenue Service, Department of Justice, Texas State Securities Board, and other government agency types that you never really want to hear from unannounced–you would always rather call them as a victim of a scam. [read post]