The United States Department of Labor (the Department) has announced a final rule withdrawing the “Independent Contractor Status Under the Fair Labor Standards Act” rule (Independent Contractor Rule). The Independent Contractor Rule was enacted by the Department under the Trump Administration and would have generally found "gig economy" and certain other workers as independent contractors for purposes of federal labor law.
On June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act of 2020, which makes additional changes to the loan forgiveness requirements under the original SBA Payroll Protection Program Loan.
Last night the House of Representatives passed H.R. 7010 (Paycheck Protection Program Flexibility Act of 2020) by a vote of 417-1. The Bill proposes to loosen the requirements of loan forgiveness under the Payroll Protection Loan by:
Hot off the press, Treasury has issued the PPP Loan Forgiveness Application (SBA Form 3508).
We hope you and your families are remaining healthy and safe during the COVID-19 pandemic. Rest assured, we remain open and continue operating while taking additional precautionary measures as recommended by the Virginia Department of Health and CDC.
People who have executed a durable general power of attorney think that “anything I can do, my agent can do as well.” While that may be true of bank accounts and deeds, it is not the case when dealing with your social security benefits.
If you must go to the emergency room and are admitted to the hospital for coronavirus, you will be in isolation. You cannot have visitors, and no one can bring you the things you might want.
You may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. We know you have been inundated with information over the last two weeks, but it is important to have an understanding of how the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, may impact you. In an effort to “keep it brief,” below we have summarized the individual tax provisions of the CARES Act.
Changes to the FMLA and Emergency Paid Sick Leave Become Effective April 2nd - is Your Business Prepared?
We hope that you and your families are well, and your business is weathering the COVID-19 storm. As part of our goal to help you and your business remain healthy, we want to draw your attention to the Families First Coronavirus Response Act which becomes effective April 2, 2020. To keep you and your employees adequately informed, we advise you to update your company Policy Manual to incorporate the new rules. And, for those that have not yet adopted a formal Policy Manual, now is the time to do so. As always, should you need any assistance, we stand by ready to help.
Repeal of the maximum age for traditional IRA contributions.