The Coronavirus, Aid, Relief, and Economic Security (CARES) Act signed on March 27, 2020, contained several provisions related to eligible retirement plans. Some of the provisions are options such as the distribution and loan provisions while others are mandatory, namely the waiver of 2020 required minimum distributions…
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Seattle Payroll Tax Effective January 1, 2021
On July 6, 2020, the Seattle City Council passed Council Bill (CB) 119810 implementing a variable-rate payroll tax or ‘payroll expense tax’ that applies to businesses with $7 million or more of payroll expense in the most recent calendar year. The tax is intended to assist with the affordable housing crisis, homelessness, and now the COVID-19 pandemic…
Being Named Best Place to Work is No Surprise to Shannon & Associate’s CEO
Shannon & Associates just received a big honor: We’ve been named one of the best accounting firms to work for in the entire nation! This annual survey and awards program, administered by Accounting Today and Best Companies Group, identifies, recognizes, and honors the best employers in the accounting…
Client Advisor – Fall 2020
We hope that you and your loved ones are safe as you deal with the current COVID-19 crisis. What an incredibly difficult year this has been! This most recent tax season was unlike any we’ve ever experienced. We are reaching out today to discuss some opportunities that should be addressed sooner rather than later for 2020 tax planning…
Deferred social security tax – Pay now or Pay Later? Who is liable?
In August, a Presidential Memorandum was issued allowing the deferral of the employee’s portion of Social Security tax withholding, which is 6.2% of wages. This is a deferral, not forgiveness…..
President Trump’s Executive Orders for Pandemic Relief. What you Need to Know.
On August 8th President Trump signed four executive orders to extend federal pandemic relief. This post highlights the four executive orders and provides details for each. The four executive orders consist of the following…
Employment Security Department Provides Opportunity to Offset Benefit Charges
In March 2020 the state of Washington passed a law allocating $25 million to the COVID-19 Unemployment Account. This is not a refund or reimbursement but an offset against benefit charges instead of charging them to your…
Alert! Anticipated Major Changes to PPP Finally Here
The Paycheck Protection Program created by CARES has been a key piece of relief for businesses impacted by Covid-19. However, the SBA and Treasury’s 8-week limitation to use the funds and 75% requirement to spend the funds only on “payroll costs” (as defined) has caused unnecessary hardship for businesses already hurting and which are greatly in need of funds. Learn more here.
How Scammers Are Faking WA Unemployment Claims (And What You Can Do About It)
There have been many reports about false unemployment claims being filed for people that are still employed and did not initiate the process. It’s been reported that there have been “hundreds of millions of dollars” lost to fraudulent claims so far in WA State alone. This post provides information you will need, helpful links, and additional steps you can take.
SBA and Treasury Release PPP Loan Forgiveness Application and Instructions
Friday the U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).