FAQ: CARES Act Employee Retention Tax Credit

May 7, 2020

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result…

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Financial decisions during an economic crisis

April 28, 2020

The economic repercussions of the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these typically comprise a statement of cash flows, a balance sheet…

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Save Small Business Fund – U.S. Chamber of Commerce

April 18, 2020

The Save Small Business Fund is a grant initiative administered by the U.S. Chamber of Commerce Foundation offering short-term relief for small employers in the United States and its territories. Eligible small businesses can apply to receive a $5,000 grant to be applied to business expenses. The grants will be awarded on a weekly basis…

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COVID-19: WV City Tax Update

April 17, 2020

Charleston, WV City Service “User” Fee: At this time, Charleston has not waived or suspended City Service Fee payments. Charleston City Service Fees should continue to be withheld for: Employees remaining on the employer’s payroll Employees that have not been permanently assigned to an office or place of business outside the city. Employees who are…

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Due Date Extension Alert

April 14, 2020

As you may be aware, the IRS extended the federal income tax filing due date from April 15, 2020 to July 15, 2020. This relief was recently expanded to include all taxpayers that had an annual return due between April 15th and July 15th, providing additional time for some fiscal-year filers, trusts, estates, and non-profit…

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Retirement Plan Distributions Relief Available Under the CARES Act

April 9, 2020

To aid individuals during this time of economic uncertainty, the CARES Act has a few provisions that change some of the rules for retirement plan distribution rules, allowing qualified individuals access to their retirement funds. Below we have summarized what you need to know about retirement plan relief under the CARES Act.   To qualify…

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COVID-19 Summary Update: Benefits that Affect Businesses

April 6, 2020

As we navigate this unprecedented new world we are living, Suttle & Stalnaker continues to monitor and stay abreast of legislative changes in regards to COVID-19 Coronavirus for those benefits that affect businesses.  Below is a list of what you should be paying attention to for your business: Payroll Protection Program This has been in…

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COVID-19 Summary Update

March 24, 2020

Suttle & Stalnaker continues to monitor the legislative changes in regards to COVID-19 Coronavirus for those benefits that affect businesses.  Below is a list of what we know so far: Unemployment Compensation:  WV has broadened access to benefits.  Businesses that have had to reduce, furlough or lay off their staff are encouraged to have their…

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Families First Coronavirus Response Act

March 20, 2020

The U.S. Senate approved the Families First Coronavirus Response Act in a 90-8 vote on March 18, and President Donald Trump signed it into law a few hours later. The bill will provide free screening, paid leave and enhanced unemployment insurance benefits for people affected by COVID-19, the respiratory disease caused by the coronavirus. The Families First…

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Labor Department Issues Guidance for States on Unemployment Eligibility of Individuals Affected by COVID-19

March 16, 2020

The U.S. Department of Labor (DOL) has issued guidance to states regarding unemployment compensation (UC) eligibility for individuals affected by the coronavirus (COVID-19) [DOL Unemployment Program Letter No. 10-20, 3/12/20]. The DOL has said that the unemployment Insurance program requires individuals to be able and available for work and to actively seek work. However, states…

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