Ready or Not, Here Comes July

Posted by Christy Putnam on June 8, 2020 at 1:31 PM

July Deadlines for Accounting and PayrollWith everything that has happened this year, does anyone else feel like we are in some strange time warp? Anyone know what month it is? Oh that is right, it's June. Crazy to think that we are halfway through 2020 already! So July is just next month, and it brings with it some important deadlines and potential changes for payroll and accounting departments. Here are some critical dates in July that you don't want to lose track of.

Oregon Scheduled Minimum Wage Increase

Effective July 1, 2020, Phase 6 of Senate Bill 1532, which was passed in 2016, takes effect. The current minimum wage range is $11.00–$12.50. The new rates will be $11.50 in Nonurban Counties, $12.00 for Standard, and $13.25 for Portland Metro. If you are unsure which rate applies, we advise using the Minimum Wage Rate Summary provided on the Oregon.gov web page. While on this site, you also may want to print out and post the new Wage Poster. It is also important to remember that to comply with federal law, employers must pay exempt employees a minimum of $684 per week or $35,568 per year (to exempt them from overtime pay), which is more than the state minimum wage amount. The next scheduled minimum wage increase is July 1, 2021.

Personal and Corporate Income Taxes

In March of this year, due to the COVID-19 pandemic, the IRS announced an automatic extension of the Federal Income Tax filing deadline from April 15th to July 15th for individuals, trusts, and corporations. The Oregon Department of Revenue followed the Federal guidelines and also issued an extension for State filed income taxes to July 15, 2020 for individuals and corporations. This deadline is quickly approaching. There has been some discussion at the Federal level that an additional extension to either September 15th or December 15th is possible, but no formal change has been issued. So the July 15th deadline is still in effect.

Oregon Corporate Activity Tax (CAT)

Just a friendly reminder that the second quarter CAT estimate is due July 31, 2020. For additional details on how to calculate the estimate, please refer to our blog post Oregon CAT: It’s Not a Pretty Kitty.

Oregon Predictive Scheduling Law

The Oregon predictive scheduling law applies to nonexempt employees of retail, hospitality, or food service establishments that employ 500 or more employees worldwide. Effective July 1, 2020, the number of days of advance scheduling notice that employers must provide employees increases from 7 days to 14 days. BOLI published guidance on the COVID-19 pandemic’s impact on predictive scheduling law obligations. The guidance clarifies that employers may qualify for relief from the penalties and obligations of providing additional compensation under extenuating circumstances. However, the requirements of the predictive scheduling law have not been suspended during the pandemic, and employers may want to review them to ensure compliance.

Bennett/Porter & Associates is here to continue supporting you, your employees, and your organization. As we continue to be your trusted advisor, please don’t hesitate to reach out with any questions or technology needs you have. We hope you and everyone you know have remained, and continue to remain, safe through these unprecedented times.

Topics: Payroll, HR Compliance, Taxes

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