The adverse economic impact of COVID-19 has bolstered employers’ interest in supplemental unemployment benefits (SUB) plans. which is an employer-sponsored benefit that provides severance pay to employees who involuntarily lose their jobs such as through layoff, reduction in force, or plant closing.
Strategizing for an uncertain future is not easy and Arizona businesses are taking a closer look at their response to COVID-19. Learn more about strategic planning in today’s environment.
The applicability of workers’ compensation programs to COVID-19 is one of the great legal and financial issues. Does workers’ compensation cover COVID-19? There are no firm answers.
The IRS is experiencing delays in processing paper tax returns due to limited staffing. Taxpayers are strongly encouraged to file electronically through a CPA or accountant or tax software provider. Paper returns are processed in the order they are received.
Mark R. Dreher, CPA gives guidance to Arizona businesses post-pandemic in an AZBigMedia article.
The DOL released additional guidance for workers and employers on how protections and requirements will affect the workplace as companies reopen. Additional guidance will help everyone understand workplace rights and responsibilities.
In March 2020, due to COVID-19, the IRS automatically extended the filing deadline for tax returns from April 15 to July 15, 2020. The extension applied to all individual returns, trusts, and corporations. The Arizona tax filing deadline was also extended to July 15, 2020.
President Trump extended acceptance of Paycheck Protection Program (PPP) loan applications until August 8, 2020, a five-week extension.
The U.S. Department of Commerce’s International Trade Administration (ITA) and U.S. & Foreign Commercial Service (USFCS) are temporarily reducing or eliminating costs of several export services to U.S. businesses affected by COVID-19.
According to retirement professionals and researchers, the pandemic will affect Social Security benefits for those born in 1960, due to the complicated formula the Social Security Administration uses to calculate benefits.
With the enactment of the Paycheck Protection Program Flexibility Act, more than $129 billion in PPP funds are still available.
Recent government aid in the face of COVID-19 extends beyond tax breaks. It also includes provisions for various aspects of retirement plans.