Employers who provide time off to employees to receive or recover from getting a COVID-19 vaccination may be eligible for a tax credit. The tax credit is available under the American Rescue Plan for organizations with fewer than 500 employees. It also provides full pay for employees who take time to recover from receiving a vaccination. Click here for more information from the IRS on this new tax credit.
The tax deadline for this year is Monday, May 17, 2021 and it’s approaching rapidly. 2020 was obviously a very different year, and you probably noticed that your taxes look different too. For instance, did you receive an Economic Impact Payment? If you did not, or you did not receive the full amount; you may be able to claim the Recovery Rebate Credit.
The Economic Impact Payment amounts were determined using your 2018 or 2019 tax return information, but for almost all of us, our 2020 income was not the same as what was listed on our taxes in 2018 or 2019. If your 2020 income was lower than in the previous years you could be eligible for the Recovery Rebate Credit.
The IRS says “Generally, if you were a U.S. citizen or U.S. resident alien in 2020, were not a dependent of another taxpayer and have a Social Security number that is valid for employment, you are eligible for the Recovery Rebate Credit. Your credit amount will be reduced if your adjusted gross income (AGI) is more than:
Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above.” You can check the www.irs.gov article Didn’t get Economic Impact Payments? Check eligibility for Recovery Rebate Credit and the related Recovery Rebate Credit Frequently Asked Questions article to see if you can benefit from this credit.
Small businesses employ close to half of all American workers. They create two thirds of the new jobs in the private sector, and those businesses reinvest nearly 70% of their revenue in their local communities, building and strengthening them. For the well-being of our communities, we need to sustain these small businesses. The Paycheck Protection Program, or PPP, is a vehicle that can help with that process.
What is the Paycheck Protection Program? The PPP is one of the Coronavirus Relief Options offered by the federal government. The goal of the program is to provide loans to help businesses retain their employees during the pandemic. These loans may be eligible to be forgiven. March 31, 2021 is the deadline to apply for the second round of loans. Does the program work? Is the money really going to small businesses? Check out the PPP Myth vs. Fact pdf here.
The PPP program offers two types of loans, First Draw Loans, for those who have not received a PPP loan before and Second Draw Loans, for businesses who have previously received loans and are eligible for another loan.
The Small Business Association provides a Lender Match that can help connect a business with a lender. Nearby lenders can also be viewed on a map. The SBA also notes that “All Second Draw PPP Loans will have the same terms regardless of lender or borrower.” Check the links and see if your small business is eligible today.
Employment law issues are among the main reasons small business owners find themselves in court. The ordinary tasks of hiring and firing individuals, as well as the day-to-day requirements of employing people, expose business owners to a wide range of legal issues.
Many small business owners are not aware of the various local, state, and federal laws that apply to the employer-employee relationship. The laws can be confusing because some don't apply to small employers, but it doesn't take many employees before a host of legal requirements do apply. The exceptions are very limited.
Unhappy employees or former employees will find time to study the laws and look for ways to exact revenge for what they may believe are slights or great injustices. The best defense is to be proactive and assess the strengths and weaknesses of your employee relations. Have a legal audit done and fix or improve any gaps your business may have. The employment relationship is one of the most important relationships people have and the laws and regulations are constantly changing.
Estate planning is for everyone. If you don't have a plan, then your state has a plan for you, but you probably won't like it. Stay in control of how things are handled if you become disabled or die. You can plan now for how health care decisions are handled, who has access to your information, and how your assets are handled. Otherwise, the courts may make those decisions for you in a public and expensive way. Davies Hood PLLC is a member of WealthCounsel, a nationwide collaborative of estate planning attorneys and wealth planning professionals dedicated to providing the best planning possible for American families. Click here for more information about estate planning.
Reasons Everyone Needs an Estate Plan
Federal Law. There is no federal law that requires employers to provide employees time off to vote in a national or state election, but many states have voting leave laws which regulate the amount of time permitted away from the workplace to vote, whether wages may be deducted, and which elections are subject to the requirements for voting leave.
Tennessee. Tennessee requires private employers to grant time off to vote as follow:
Arkansas. Private employers in Arkansas are required to schedule an employee's time on election days so that each employee has the opportunity to vote. See Arkansas Code § 7-1-102 for more information
Mississippi. Mississippi currently has no voting leave laws for private sector employees.