On May 16, 2019, House Bill 3427 was signed into law creating the Corporate Activity Tax (CAT). This new tax doesn’t replace the corporate income tax. It is in addition to that longstanding tax. The CAT became effective January 1, 2020, and it applies to all types of businesses with Oregon commercial activity that generate revenue in excess of $1 million (although businesses with $750,000+ in revenue are required to register with the Department of Revenue). Very few businesses are exempt from the CAT (e.g. nonprofit organizations, farmers, school districts, hospitals, long-term care facilities). This gross receipts tax is expected to raise at least $1 billion in annual revenues, intended to fund state investments in education.
More help brings more questions and new confusion. On March 27, 2020, Congress passed a second round of economic stimulus in response to the COVID-19 pandemic: the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Some of the relief elements contained within this latest act include:
- Paycheck Protection Program Loans
- Additional Unemployment Benefits
- Student Loan Payments Suspension
- Funding for Hospitals, Airlines/Airports, and Food Assistance Programs
- Government Checks to Individuals
- Small Business Debt Relief
- Economic Injury Disaster Loans & Emergency Economic Injury Grants
Here is a closer look at some key aspects.
** This article was sent to all of our Bennett/Porter clients via email on 4/3/2020 **
As an employer, there is so much information to try to review and absorb right now in regards to the administration of the new regulations around COVID-19. We hope you are looking to us to be your trusted advisor as we continue to provide comprehensive and easy to understand Payroll and HR guidance during this challenging time.The most common questions we are getting right now are around the obligations to offer Emergency Sick Leave and Emergency Family and Medical Leave (FFCRA) benefits and how to claim the credits for paying those benefits. Following is a summary:
Who is dreaming about the days of getting back to a normal version of crazy? You know, kids back in school, too many scheduled social gatherings, a day packed with back-to-back in-person meetings, watercooler talk with co-workers, sporting events to cheer at, too many toilet paper options at the grocery store, and bumper-to-bumper traffic in the morning and afternoon. Okay, maybe not so much the traffic.
These are definitely uncharted times that we are going through. It’s such a strange feeling to take that pause that keeps our family members, friends, co-workers, and even total strangers a little safer by staying distant from them.
With all the constant, fast-breaking news pertaining to COVID-19, you may not have heard that yesterday, President Trump signed the “phase two” stimulus legislation. The Families First Coronavirus Response Act (FFCRA) provides paid leave for certain workers, enhances unemployment insurance, and ensures free testing for infection by the Coronavirus. Unemployment eligibility requirements have been eased by waiving the work search requirements as well as the waiting week before benefits can be claimed. This measure also helps take care of small businesses (those with fewer than 500 employees) by providing reimbursement through tax credits for offering the qualified paid leaves.
Following his a very high overview of the paid leave benefits. For additional, detailed information, we encourage you to refer to the H.R. 6201 Act passed by Congress.
Employee benefits has to be one of the industries with the highest number of acronyms. Things like ACA, COBRA, ERISA, HIPAA, STD, LTD, HSA, HRA, FSA, EOB, and so many more are common in conversations. Most HR professionals need a cheat sheet just to talk the language. Imagine trying to help employees understand each of the terms, not to mention understanding and administering the compliance and regulations that go with each of these.
Have you heard? A new version of the Form I-9 has been issued. On January 31, 2020, the United States Citizenship and Immigration Services (USCIS) released the new version of the Form I-9, which provides employment eligibility verification. This new version includes minor changes to the form and instructions. The new Form I-9 has version date of '10/21/2019' which is located in the lower left corner of the form. Now that you know about it, you may be asking the following questions:
Topics: Human Resources
“Diversity: the art of thinking independently together.” -Malcolm Forbes
On a scale of 1 to 10, how important is workplace diversity to you? Now on that same scale of 1 to 10, how diverse do you feel your organization is?
What does workplace diversity mean?
Happy New Year! And not only a new year but a new decade. Is anyone else finding it very hard to believe how fast time is flying by? Just a year ago, many of us were saying, “This is going to be the year.” Perhaps it was going to be the year to make big changes, get organized, create efficiencies, focus on learning and education, implement new systems, add additional resources, or just really be on top of things. Congratulations to those who actually made 2019 “The Year”. And for the majority of us who are once again saying, “This! This is going to be the year,” let’s work together to make many of those wonderful things actually happen as the 20s get underway.
With a new year come a lot of new changes and updates to payroll requirements. 2020 is quickly approaching, so - as in the last few years - we compiled the following list of items that may initiate some payroll changes in your organization. You might start thinking about these and take action sooner than later.