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There are a lot of issues employers need to be concerned about as they shut down their offices and send everyone to work at home during the pandemic. However, the Department of Homeland Security is trying to make it easier. Below is part of a statement it issued on Form I-9 relief. The full statement is available on the DHS website.
Will business interruption insurance provide coverage for coronavirus losses? Sadly, despite the situation the nation now finds itself in, in most cases the answer is “no.” Because this type of insurance is typically part of a commercial property policy, the insured party is indemnified only against losses from direct physical damage caused by a covered event. This is so even if the policy contains coverage for losses caused by forced closure of property by civil authority, for example closure resulting from physical damage to adjacent or nearby property.
The twin crises of a pandemic and a plunging market have pummeled a lot of businesses — many have already started laying off employees, and many more will need to soon. It's never a pleasant situation for anyone, but there are ways to mitigate both the financial and the psychological fallout.
Although layoffs aren't new, some experts are offering advice especially tailored to the current environment. The Families First Coronavirus Response Act (H.R. 6201) is now law, and attorneys, accountants and other professionals are poring over it. What are its main provisions, and how might it affect you?
The supply chain issues created by the COVID-19 pandemic are challenging businesses in ways they have never considered. Some of these changes will — and probably should — remain in place after the immediate crisis is over. This means businesses need to react to what is happening today at the same time they are developing steps to be proactive moving forward, after this emergency is over.
Caregiving issues often cause arguments among adult siblings because, after all, it's an emotionally charged issue. Questions like who takes in an elder and whether can they be relied upon to drive are thorny.
Most employers must report employees' wages paid and taxes withheld plus their own share of certain payroll taxes quarterly to the IRS. Additionally, employers must report each employee's wages and taxes annually, on Form W-2, to the Social Security Administration. Employers use Form 941, Employer's Quarterly Federal Tax Return, to report income taxes, Social Security tax or Medicare tax withheld from employees' paychecks and to pay their portion of Social Security or Medicare tax.
The health care community is fighting the coronavirus — officially named COVID-19 — on the medical front. But there are business issues as well, especially relating to the way companies manage their offices and employees. Managers face practical, emotional and legal considerations.
Tax-loss harvesting offsets capital gains that result from selling securities at a profit, and it is applicable to taxable investment accounts. If you have, say, $5,000 in capital gains and want to minimize the tax liability from those gains, you could sell another security that has gone down $1,000 in value, partially offsetting those gains.
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March 2020
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