Blogs

Employment Law

The IRS Chief Counsel’s Informal Guidance Clarifies Some Issues Left Open after Notice 2020-65 Regarding the “Payroll Tax Holiday”

In addition to Notice 2020-65 and Instructions to Form 941 which we outlined in our recent blog, the IRS Office of Chief Counsel for employee benefits, exempt organizations and employment tax provided informal but insightful guidance on its monthly IRS payroll industry call held on September 3, 2020. The informal guidance was directed in part…

October 14, 2020

Business and Financial Services

The IRS Chief Counsel’s Informal Guidance Clarifies Some Issues Left Open after Notice 2020-65 Regarding the “Payroll Tax Holiday”

IRS Office of Chief Counsel monthly payroll industry call on September 3, 2020 In addition to Notice 2020-65 and Instructions to Form 941 which we outlined in our recent blog, the IRS Office of Chief Counsel for employee benefits, exempt organizations and employment tax provided informal but insightful guidance on its monthly IRS payroll industry…

October 14, 2020

Employment Law

IRS Releases Instructions to Form 941 Expanding on Prior Guidance on Deferral of Social Security Tax

On October 1, 2020, the IRS released instructions for Form 941 providing additional guidelines for reporting deferred Social Security taxes pursuant to the President’s Memorandum (discussed previously on our blog) and IRS Notice 2020-65. Background On August 8, 2020, the Presidential Memorandum directed the Secretary of the Treasury to use his authority pursuant to section…

October 8, 2020

Business and Financial Services

IRS Releases Instructions to Form 941 Expanding on Prior Guidance on Deferral of Social Security Tax

On October 1, 2020, the IRS released instructions for Form 941 providing additional guidelines for reporting deferred Social Security taxes pursuant to the President’s Memorandum (discussed previously on our blog) and IRS Notice 2020-65. Background On August 8, 2020, the Presidential Memorandum directed the Secretary of the Treasury to use his authority pursuant to section…

October 8, 2020

Business and Financial Services

IRS Guidance – President’s Memorandum Deferring Payroll Tax Obligations for Four Months

On August 8, 2020, President Trump signed a Presidential Memorandum directing the Treasury Department to defer the employee’s portion of Social Security taxes due to the COVID-19 pandemic for wages paid from September 1, 2020 through December 31, 2020 (see our blog). The deferral applies only for wages less than $4,000 for any bi-weekly period,…

September 1, 2020

Business and Financial Services

8 Common Business Bankruptcy Questions

Financial and economic challenges due to the pandemic have resulted in a growing number of bankruptcy filings for both individuals and businesses. A number of creditors’ rights challenges arise when a business or individual whom you transact with files for bankruptcy. Here are examples of several scenarios currently impacting landlords, tenants, and business owners and…

August 18, 2020

Business and Financial Services

President’s Memorandum to the Secretary of Treasury Defers Payroll Tax Obligations for Four Months

On August 8, President Donald J. Trump, signed the memorandum (the President’s Memorandum) directing the Secretary of Treasury to defer the withholding, deposit, and payment of the 6.2 percent payroll tax during the period of September 1, 2020 through December 31, 2020 for wages less than $4,000 during any bi-weekly pay period (i.e., $104,000 annually)…

August 11, 2020

Business and Financial Services

Beyond PPP – Financing Options for the Restaurant Industry

The Small Business Administration administered Paycheck Protection Program (“PPP”), designed to incentivize small businesses to keep their workers on payroll, will stop receiving new applications on August 8, 2020. Franchisees and independent restaurant operators would be well advised to now consider financing alternatives in light of the impending PPP application deadline. Most readily available options…

July 27, 2020

Business and Financial Services

New Employee Protections for Non-Payment of Wages Go Into Effect in Virginia

In April 2020, Virginia Governor Ralph Northam signed into law nearly two dozen bills that provide significant new rights for Virginia employees, including new legal protections to combat wage theft. The law became effective on July 1, 2020. We have published additional updates on other new Virginia employment laws that prohibit non-compete covenants for low-wage workers, expand the scope of the ban on workplace discrimination, and provide enhanced employee whistleblower protections against…

July 21, 2020

Business and Financial Services

New Enhanced Whistleblower Protections for Virginia Employees Now in Effect

In April 2020, Virginia Governor Ralph Northam signed into law nearly two dozen bills that provide significant new rights for Virginia employees, including enhanced employee whistleblower protections against retaliation for reporting suspected violations of state law or cooperating with law enforcement, as discussed below. We have also published updates on other new Virginia employment laws that combat wage theft, prohibit non-compete covenants for low-wage workers and expand the scope of the…

July 21, 2020