IRS Extends Forms 5500 Deadline

On April 9, 2020, the Internal Revenue Service (IRS) extended key tax deadlines for individuals and businesses in response to the ongoing COVID-19 pandemic. The new tax relief gives the IRS authority to postpone deadlines for taxpayers affected by federally declared disasters. Form 5500 – Automatic Deadline Extension Notice 2020-23 …

Unemployment Benefits Under the CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law to address the current COVID-19 pandemic. The Act provides $2.2 trillion of economic relief for Americans, businesses and the healthcare industry. The relief package also provides federal funding to expand the availability of unemployment insurance (UI) benefits, …

FAQ’s: Families First Coronavirus Response Act

The Families First Coronavirus Response Act (FFCRA) enacted two laws that provide workers with paid leave for reasons related to the coronavirus (COVID-19) pandemic. This enables employers to keep their workers on payroll, while simultaneously ensuring that they are not forced to choose between their paychecks and the public health …

Look Back Method and COVID-19

The Affordable Care Act (ACA) requires applicable large employers (ALEs) to offer affordable, minimum value health coverage to their full-time employees or possibly pay a penalty. The evolving coronavirus crisis has raised questions on how employers should determine what a full-time employee is during periods of layoff, furlough, and COVID-19 …