The Internal Revenue Service (IRS) and Joint Committee on Taxation have issued new guidance to help clarify employer requirements for claiming the Employee Retention Credit (ERC) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The Department of Labor has clarified that gig workers qualify as “unemployed” under the Pandemic Unemployment Assistance (PUA) Program when they lose a significant amount of business because of COVID-19.
Now that we have employees working from their homes due to COVID-19, will we be required to report them to those states for unemployment tax purposes or withhold income taxes? What about certain business expenses?
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is intended to stimulate the U.S. economy in light of the COVID-19 pandemic. The CARES Act contains a number of provisions relating to employee benefits and executive compensation.
The CARES Act creates a half-dozen new programs to help distressed businesses and workers deal with COVID-19 and related shutdowns. These programs include forgivable loans, tax credits, and expanded unemployment insurance.
In light of the State of Emergency declared by Puerto Rico Governor Hon. Wanda Vázquez-Garced, and the closing of most government agencies as a result of Executive Order 2020-023, several employment-related agencies have extended upcoming deadlines.