The recently released CARES Act stimulus package will be providing relief for individuals and small businesses, in light of the COVID-19 pandemic. However, individuals and businesses should be aware of an increased number of scams targeting them related to the package.
Last week, President Trump signed the Families First Coronavirus Response Act, to provide relief for families amidst the global COVID-19 outbreak. The Act will be effective on April 2nd and as an employer, there are things you should consider for business planning and compliance in this evolving situation.
Last week in response to the COVID-19 pandemic, the Washington Department of Revenue announced it will provide extensions for filing and payment of the business and occupation tax (B&O).
Last spring, the U.S. House of Representatives passed legislation that would have made sweeping changes to the nation’s retirement system - but this legislation, known as the SECURE Act, failed to make it through the Senate.
At the end of last year, however, supporters of the SECURE Act added its provisions to a spending bill. This will result in a number of key changes to the rules for creating and maintaining employer-sponsored retirement plans, including the following:
1. Lower barriers to offering multiple employer plans (MEPs). MEPs are retirement plans created by two or more businesses that are unrelated to each other. Starting in 2021, the rules allowing unrelated businesses to form an MEP will be relaxed, making it easier for small businesses to offer these plans to employees.
Topics: Employee Benefit Plans
At Sweeney Conrad, we feel extremely fortunate to be a part of such a vibrant, generous, and supportive community. To that end, in late 2016, we developed our One Good Deed Program to give back, thank our referral sources, and nurture our referral relationships.
In September, the IRS and the Treasury Department issued final regulations that make a number of significant changes to the rules that apply to hardship distributions from 401(k) and 403(b) retirement plans. These regulations respond to public comments that were made regarding earlier proposed regulations.
It’s the end of January which means it is almost tax season. At this point, tax documents have probably started showing up in your mailbox. While it may seem like there is plenty of time, the sooner and more organized you can make your documents, the smoother the process will be.
This year on January 1, a new law put the Workforce Education Surcharge into effect. This means that a new three-tiered surcharge applies to the amount of tax payable under the Service and Other Activities B&O tax classification by businesses “primarily engaged” in one or more specific activities.