IRS Updates Form 941 To Reflect COVID-19 Tax Credits

The IRS has revised Form 941, Employer’s Quarterly Federal Tax Return, to accommodate COVID-19-related employment tax credits granted under the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act. If you’re...

Reporting Requirements for Health Care Providers Under CARES

The CARES Act was enacted in response to the COVID-19 pandemic. The act was specifically designed to provide funding to hospitals and health care providers that are not federal entities. Then, on July 22, 2020, the Department of Health and Human Services changed the...

IRS Guidance on Payroll Tax Deferral

Late Friday, August 28, the IRS issued much-anticipated guidance on the payroll tax deferral that was ordered by President Trump in a presidential memorandum on August 8 (Notice 2020-65). The notice allows employers to defer withholding on affected employees’...

MCB to host panel discussion on Female Entrepreneurship: Pivot and Power Ahead

MCB will host a virtual “meet and greet” where panelists will discuss the entrepreneurial journey and mindset, the demands on us during these unprecedented times, and how we can take advantage of this time to amplify our voices and continue to seek out...

Payroll Tax Holiday and Unemployment Boost Are in Flux

On Aug. 8, the White House issued a series of memorandums and executive orders to provide relief while Congress continued to debate legislative action. However, there are limits regarding what can be done in the absence of congressional approval, and that has led to...

SBA and Treasury Issue New FAQs on Paycheck Protection Program and Economic Income Disaster Loans

On August 11, 2020, the SBA and Treasury issued two FAQs related to the Paycheck Protection Program (PPP) and three FAQs related to the PPP and Economic Injury Disaster Loans (EIDL). An interim final rule also was issued to establish procedures for prospective...
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