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The Treasury Department has issued Notice 2020-23, an update to Notice 2020-18 (and Notice 2020-20) which provided additional relief for taxpayers affected by the ongoing Coronavirus Pandemic. The Notice provides an explicit list of Federal tax payment obligations and Federal Tax or other Form filing obligations due dates that will be given automatic extension. Under […]
On April 2, the Secretary of Labor filed temporary regulations for the implementation of the Families First Coronavirus Response Act (FFCRA). Signed into law on March 18, FFCRA creates two new leave opportunities in response to the COVID-19 pandemic: the Emergency Paid Sick Leave Act (EPSL) and the Emergency Family and Medical Leave Expansion Act […]
On Friday April 4, 2020, the Small Business Association (SBA) issued guidance regarding the availability of the Payroll Protection Plan (PPP) loans authorized under the Coronavirus Aid, Relief, and. Economic Security (CARES) Act to faith-based organizations. That frequently-asked-questions (FAQ) sheet offers us some guidance and can be found here. The FAQ clarifies that religious entities […]
This week, as a result of the financial hardships caused by COVID-19, King, Snohomish, and Pierce counties have extended the payment deadline for property taxes to June 1, 2020. Real property and personal property tax payments may be made by the extended deadline without interest or penalty. However, the extension only applies to property taxes […]
On March 27, 2020, Washington Governor Jay Inslee issued a memorandum clarifying the restrictions placed on the real estate and mortgage industries in his “Stay Home, Stay Healthy” order issued in response to the COVID-19 pandemic. The memorandum sets forth guidance and restrictions by which real estate professionals, sellers, and buyers can continue to operate […]
Notice 2020-20 (an update to Notice 2020-18) has now extended the due date for additional tax returns. Automatic Postponement of the Due Date for Filing Forms 709 and Making Payments of Federal Gift and Generation-Skipping Transfer Tax. The due date for filing Forms 709 (United States Gift and Generation-Skipping Transfer Tax Return) and making payments […]
The US Department of Labor (DOL) has provided additional information and guidance regarding the emergency leaves provided under the Families First Coronavirus Relief Act (FFCRA). The Q & A page that provides the guidance may be found at https://www.dol.gov/agencies/whd/pandemic/ffcra-questions. The following are some highlights of the new guidance: The Emergency FMLA (EFMLA) is not in […]
The Coronavirus, Aid, Relief, and Economic Security (CARES) Act provides relief to those affected by the pandemic. This blog post will focus on the provisions solely affecting retirement plans. Hardship Distributions: The Act allows individuals affected by the virus to take early withdrawals of up to $100,000 from their retirement plans or IRAs, without incurring […]
The IRS has issued Notice 2020-18 expanding tax filing and tax payment relief for taxpayers due to the Coronavirus pandemic. Who qualifies? Any “person,” which includes an individual, trust, estate, partnership, association, company, or corporation under IRC §7701(a)(1), with a federal income tax payment or a federal income tax return due on April 15, 2020, […]
The Families First Coronavirus Response Act (“FFCRA” or “the Act”) requires covered employers to provide employees with notice of the provisions of the Act. The U.S. Department of Labor (“DOL”) has provided a model notice which may be found here: https://www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Non-Federal.pdf Although the notice may be posted physically at the employer’s main office in a […]