Posts tagged FFCRA.

One of the provisions included in the Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows an employer and self-employed individuals to defer the payment of the employer’s share of social security taxes (not Medicare taxes) or the corresponding portion of self-employment taxes.  The option is available for payments that would otherwise be required to be made between March 27, 2020 and December 31, 2020.  No special election is required and deferred amounts will be reported on a forthcoming revised Form 941 (future guidance will address how to report deferrals for ...

On March 27, 2020 the the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or Act), H.R. 748, became law.  The Act provides eligible employers a tax credit against employment taxes equal to 50% of qualified wages.  The credit is determined quarterly and effectively capped at $5,000 per eligible employee.

Eligible employers include any employer that was carrying on a trade or business in 2020 whose operations were impacted by the Coronavirus crisis.  Two tests are used to determine whether a business was impacted by the Coronavirus.  The tests are applied quarterly.  The ...

Posted in: CARES Act/PPP
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