2020-08-10 Deferring Employee FICA – Forgiveness TBD

This week we look at: Summary of §163(j) final regulations SBA publishes PPP loan forgiveness FAQ IRS reminds employers of ability to establish leave sharing plans for employees to provide COVID-19 relief Proposed revenue procedure released to allow qualified residential…

2020-08-10 Deferring Employee FICA - Forgiveness TBD

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This week we look at:

Summary of §163(j) final regulations
SBA publishes PPP loan forgiveness FAQ
IRS reminds employers of ability to establish leave sharing plans for employees to provide COVID-19 relief
Proposed revenue procedure released to allow qualified residential living facilities to be §163(j) real estate businesses
IRS updates qualified plan safe harbor distribution notices for SECURE Act and CARES Act changes
President issues memorandum providing for deferral of employee OASDI, but leaves open issue of whether amounts will be forgiven

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