COVID Archives - Wiss & Company, LLP

Remote Employment 101: Navigating Leave Laws

Written on April 13, 2022. Posted in General Business, Human Resources.

Employees often need to take time off from work for a variety of reasons. Not many laws at the federal level provide employees with protected time away from work, however there are a number of states and localities with laws in place that provide employees with protected leave rights. Leave entitlements vary depending on factors such as the number of employees, the length of time needed, and qualifying reasons for the leave, however all of them provide some level of protection for...

Remote Employment 101: Multistate Payroll Simplified

Written on April 5, 2022. Posted in Human Resources, Tax.

Navigating the minefield of payroll compliance for remote workers can make anyone pull their hair out. There has been a big spotlight over the past year on the accuracy of paying remote employees, with states looking to ensure that resident workers are being taxed appropriately. It’s not as simple as hiring a new employee who happens to be working offsite. Hiring a remote worker in a new state might trigger new obligations, and non-compliance can be costly for employers. Payroll...

Real Estate in the Rear View + Outlook for 2022

Written on February 10, 2022. Posted in Construction, Real Estate.

2021 was the first full year that the global economy cycled through the pandemic. What were the predictions going into 2021 and where did we actually end up? Here we take a look at how the real estate and construction industries fared last year and where they’re headed in 2022. Economic Recovery 2021 Prediction: ?-Shaped 2021 Reality: K-Shaped 2022 Outlook: K-shape will continue As 2020 wound down and economists and prognosticators put 2021 in their sights, there were plenty...

U.S. Supreme Court Halts Private Employer Vaccine Mandate

Written on January 17, 2022. Posted in General Business, Human Resources.

The U.S. Supreme Court has halted enforcement of the Biden Administration’s vaccine mandate, citing that the Occupational Safety and Health Administration (OSHA) overstepped its authority. This mandate would have required private employers with 100 or more employees to ensure that their workers are vaccinated or adhere to weekly testing if unvaccinated. In doing so, the case returns to the 6th U.S. Circuit Court of Appeals for consideration. The Court, however, is allowing enforcement...

2021 Year-End Tax Planning for Businesses

Written on December 20, 2021. Posted in Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations and individuals to pay for the cost of proposed new infrastructure and social spending plans, potentially using the budget reconciliation process to do so. Since then, various versions of tax and spending measures have been negotiated and...

New York Employer Mask/Vaccine Mandate

Written on December 13, 2021. Posted in Human Resources.

A new announcement by New York’s Governor Hochul on Friday, December 10 brings immediate requirements to New York State businesses. In an effort to stop the rising number of COVID-19 cases and hospitalizations in the state, the Governor announced that effective December 13, employees and patrons of New York businesses must wear a mask indoors unless the business requires proof of vaccination as a condition of entry. This mandate is in place until January 15 at which time it will...

Heads Up, Restaurants: Federal Relief Could Trigger a Single Audit

Written on September 15, 2021. Posted in Assurance, Food & Beverage, General Business, State & Local Tax Services, Tax, Tax Alerts.

By Arnold Macalintal, Partner Since the outbreak of COVID-19, the restaurant industry has been one of the hardest hit by the pandemic’s impacts, leading to spikes in business closures, continued capacity limitations, and unprecedented loss in both jobs and sales. However, many establishments were able to keep their doors open and continue to serve customers throughout the course of the pandemic with the help of federal aid issued through the CARES Act programs, Restaurant...

Biden’s Announcement on Employer Vaccine Mandates

Written on September 13, 2021. Posted in General Business, Healthcare, Human Resources, Small Business.

Employers have been grappling with whether to enforce vaccine mandates in their companies, however President Biden’s recent Executive Order may now take that decision out of their hands. Late last week, the President announced his multi-level strategy for combatting the continued spread of COVID-19 – a key piece of which includes sweeping vaccine mandates for many employers. The mandate for private employers affects those with 100 or more workers. The proposed plan stipulates that...

What You Need to Know About the HERO Act

Written on July 30, 2021. Posted in Healthcare, Human Resources.

Private employers with worksites in New York State will soon need to comply with the New York Health and Essential Rights Act (HERO Act), recently signed into law by Governor Cuomo. This Act mandates all employers to adopt a written plan that meets minimum standards that are designed to combat the spread of infectious disease in the workplace. The New York State Department of Labor has published a model standard and model template plan that employers can use to satisfy this obligation....

The Masks are Off! …Or Are They?

Written on June 1, 2021. Posted in Healthcare, Human Resources.

Business leaders are grappling with how to manage company practices regarding mask mandates and vaccinations. The CDC’s recent announcement that fully vaccinated individuals do not have to wear masks or social distance, except in limited circumstances, is welcome news to so many people. Employers need to tread carefully, however since many states and localities have their own legislative requirements that companies may still need to comply with. New Jersey’s Governor Murphy recently...

New York State Paid Leave for COVID Vaccine

Written on March 16, 2021. Posted in General Business, Healthcare, Human Resources.

New York State employers will now be required to provide paid leave to employees who receive the COVID vaccine. The recently passed legislation, already signed into law by Governor Cuomo, takes effect immediately and ends December 31, 2022. The new law requires all employers in New York State to provide their workers with a “sufficient period of time, not to exceed four hours”, for each injection. Employees must be paid their regular rate of pay for the period of leave. Employees...

Biden Administration Targeting PPP Aid to Smallest Businesses – 2 Week Delay Starting Wednesday Morning

Written on February 23, 2021. Posted in Financial Planning, General Business, PPP, Small Business.

By Travis Miskowitz, Manager, CFO Advisory Early Monday morning, the Biden Administration announced it is instituting a 2-week period targeting Paycheck Protection Program (PPP) loans to small businesses only. The temporary freeze goes into effect Wednesday morning beginning at 9:00 am, and only small businesses with 20 or fewer employees will be eligible to apply for a PPP loan for the next 2 weeks. The move by the current Administration is an effort to provide much-needed funding...

Straight Outta Congress: How to Maximize the Employee Retention Credit (ERC) & Paycheck Protection Program (PPP)

Written on January 19, 2021. Posted in General Business, PPP, State & Local Tax Services, Tax, Tax Alerts.

By Travis Miskowitz, Manager, CFO Advisory This is a developing story; updates will be published as additional information becomes available. Update: March 3, 2021 As we enter March, we would like to remind our clients and friends that they may be eligible for 2 very beneficial programs: Employee Retention Credit (ERC) and a 1st Draw or 2nd Draw PPP loan. The ERC is a refundable credit which can now be claimed retroactively by PPP borrowers to 2020 if the company meets 2 main eligibility...

Using Form 941 For FFCRA Tax Credits

Written on January 14, 2021. Posted in Human Resources.

By Laura Melville, Manager, Outsourced Payroll This guide is to be a helpful resource to guide you through how to properly prepare your 4th quarter Form 941 should you have any paid sick or family leave wages under the Families First Coronavirus Response Act for which you are claiming refundable tax credits. For further information on the details of this Act, read this blog. Earlier this year, the IRS had updated Form 941 to allow employers to report wages paid under this Act. Be...

PPP “Yeah, You Know Me” – 3rd PPP Application Window Opening Soon

Written on January 8, 2021. Posted in PPP, State & Local Tax Services, Tax.

By Travis Miskowitz, Manager, CFO Advisory Late Wednesday evening, the U.S Small Business Administration (SBA) in coordination with the Department of Treasury, issued guidance for the revamped Paycheck Protection Program (PPP) authorized by the Economic Aid Act of 2020. The newly released guidance includes: Interim Final Rule (IFR) “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended” an 82-page consolidation of existing PPP guidance in the form of 24...

HR Alert: New Jersey Executive Order

Written on October 29, 2020. Posted in Human Resources.

This week, Governor Murphy signed an Executive Order that establishes mandatory health and safety standards in an effort to protect workers across all industries in New Jersey during the pandemic. The Executive Order requires both private and public sector employers to follow health and safety protocols for their in-office employees effective November 5, 2020. These new standards include the following health and safety protocols: Health screening of all employees for COVID-19 prior...

Unemployment Fraud Alert

Written on September 24, 2020. Posted in Uncategorized.

The increased number of unemployment filings over the past few months in the wake of the COVID-19 pandemic has led to a surge in the number of fraudulent claims filed, as reported by many states across the country. In many cases, third parties attempt to file for unemployment insurance benefits using the name and personal information of someone else who is not out of work. Employers are finding they are receiving claim notices for individuals that are either actively employed or...

IRS Backlog Causing Incorrect Late Payment Notices

Written on August 24, 2020. Posted in Tax.

By Mike Bodrato The Internal Revenue Service, in its most recent update on IRS Coronavirus Tax Relief webpage, has posted information regarding the handling of incorrect late payment notices. The IRS notes that they continue to process returns and issue refunds and are working hard to get through its correspondence backlog. However, the IRS states that it is experiencing delays in processing returns, due to limited staffing. The backlog of correspondence includes checks that have...

Main Street Lending Program modified to provide greater access to Nonprofits

Written on July 17, 2020. Posted in Not For Profit.

By Diana Miller On Friday, July 17th, the Federal Reserve Board modified the Main Street Lending Program, providing additional access to nonprofit organizations such as social service organizations, hospitals, and educational institutions. Nonprofit organizations are vital to the communities they serve and these changes are welcomed news to the nonprofit sector. Although not yet operational, 2 new loan options were released today to help nonprofit organizations due to the COVID pandemic....

Families First Coronavirus Response Act Paid Leave Update: Summer Childcare

Written on July 8, 2020. Posted in Human Resources.

With the passage of the Families First Coronavirus Response Act (FFCRA) earlier this year, employers have been addressing their obligations to provide employees with paid leave for various COVID-19 related reasons, including leave for employees who are not able to work or telework due to a need to care for a child whose school or place of care is closed as a result of the pandemic. Now that the school year has ended, it is important for employers to understand that this obligation...

How Companies Can Plan To Reopen the Office

Written on June 12, 2020. Posted in General Business, Healthcare.

States have begun to ease restrictions put on businesses due to the COVID-19 pandemic, including laying out timelines for when many businesses may open. Companies now face significant challenges regarding how to reopen their offices safely. A carefully planned approach to returning to work will be necessary to make sure workers are safe and confident and that the business can thrive. Planning the Approach The approach to opening is fairly straightforward — plan, open gradually, monitor...

PPP Flexibility Act Passes Senate, significantly decreases barrier to loan forgiveness

Written on June 4, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz The Senate unanimously approved H.R. 7010 – Paycheck Protection Program Flexibility Act of 2020. By passing the House bill, the Senate avoids a long and drawn out reconciliation process. The President is expected to sign the bill into law quickly. While the bill provides much needed flexibility to small businesses, there is one change that can significantly impact a borrower’s ability to achieve loan forgiveness. The tersely worded bill provides for only 7 bullet...

Are You Applying For the PPP in Good Faith? How to Document Your PPP Loan Application Decision

Written on May 4, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz One important aspect of applying for a PPP loan is certifying in good faith that your loan request is necessary. The PPP application asks you whether “current economic uncertainty makes your loan request necessary to support your ongoing operations.” We have put together this list of considerations to help you assess in good faith and officially justify your need for this emergency funding. Read this today to ensure your business has made an informed decision...

Frequently Asked Questions About the Families First Coronavirus Response Act

Written on May 4, 2020. Posted in General Business, Human Resources.

I’ve been forced to furlough my employees due to a slowdown in business operations. Are they still eligible for the leave entitlements as part of the Families First Coronavirus Response Act? Unfortunately no. If you have furloughed your employees because there is not enough work for them, they are not entitled to take paid sick leave or expanded family and medical leave under the Act. They may, however, be eligible for unemployment benefits through your State. Many of my employees...

New Jersey’s Amended Family Leave and Temporary Disability Laws

Written on April 24, 2020. Posted in Human Resources.

In response to the ongoing COVID-19 pandemic, on April 14, Governor Murphy recently signed into law new amendments to the New Jersey Family Leave Act (NJFLA) and New Jersey Temporary Disability Benefits Law (NJTDBL) to provide additional coverage for employees whose need for leave relates to an epidemic of a communicable disease, known or suspected exposure to a communicable disease, or efforts to prevent the spread of a communicable disease. The NJFLA had previously allowed eligible...

Workforce Reduction Considerations: Layoff vs Furlough

Written on April 6, 2020. Posted in Human Resources.

Many businesses are struggling to manage their workforces in the current climate. While recently passed economic stimulus packages have provided incentives for companies to retain their employees, in many cases companies have had significant business interruptions and still may be forced to consider letting some employees go. Business owners may be considering layoffs or furloughs, but may not understand the difference. A layoff is a separation from payroll and may be temporary...

NYC Relief Available for Small Businesses

Written on April 1, 2020. Posted in Financial Planning, General Business.

By Tricia Meola In an effort to help small businesses deal with the overwhelming impacts of COVID-19, New York City has launched the following two initiatives: NYC Employee Retention Grant Program Created to help companies retain employees as businesses face decreased revenue as a result of COVID-19 Eligible businesses will receive a grant covering up to 40% of their payroll for two months; maximum funding of $27,000 Eligibility requirements include: Must be located within the...

SBA Preps Banks for Mobilizing Around PPP Applications, Provides Further Clarity Regarding Parameters

Written on April 1, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin yesterday announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need. The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program...

COVID-19 Spawns New Phishing Scams

Written on March 31, 2020. Posted in General Business, Technology.

by David Singletary As the country and world are trying to deal with recent COVID-19 pandemic, cybercriminals are taking advantage of people’s quest for information. You’ve probably noticed a plethora of emails from every retailer, software company, or business you’ve dealt with in recent years. Cybercriminals see an excellent opportunity to slide in phishing scams amid all the information being sent your way. The following are two examples: What’s...

Anticipating COVID-19 Impact on Commercial Real Estate

Written on March 30, 2020. Posted in General Business, Real Estate.

By Russell L. Faye With the global pandemic caused by the COVID-19, the commercial office market has felt an immediate impact. For commercial real estate professionals, please consider the following as you navigate through these challenging times: Be prepared for enhanced cleaning for an extended period. Government officials have suggested enhanced cleaning procedures and measures and building operators across the county have quickly implemented these enhanced measures. Consider...

Economic Injury Disaster Loans & Emergency Economic Injury Grants: What You Need to Know

Written on March 29, 2020. Posted in Advisory Services, Financial Planning, General Business.

By Travis Miskowitz SBA’s Economic Injury Disaster Loan THE BASICS What is the criteria for a loan approval? Credit History – applicants must have a credit history acceptable to SBA Repayment – SBA must determine that the applicant business has the ability to repay the SBA loan Eligibility – the applicant business must be physically located in a declared county and suffered working capital losses due to the declared disaster, not due to a downturn in the economy or other reasons How...

Paycheck Protection Enacted For Small Businesses

Written on March 27, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz [Updated 4/3/2020] Congress passed “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which included the “Paycheck Protection Program” (PPP) for small businesses. PPP applications can be obtained from participating SBA lenders beginning today. Many banks have reported that they may be requiring submissions to come from current banking clients while others have been struggling to get all the necessary steps in place. While each bank is creating...

401(k) Plans and the Coronavirus

Written on March 25, 2020. Posted in Employee Benefit Plan Audits.

By Craig Erickson With the global pandemic caused by COVID-19 causing vast uncertainties in the economy, employers that sponsor employee benefit plans and the plan fiduciaries must continue to manage and administer their benefit plans, as well as address inquiries from their participants. The following are some topics that may be helpful during these times. Hardship Withdrawals Plan sponsors may receive calls from plan participants in the near future asking for ways they can financially...

Coronavirus Retirement Plan Review

Written on March 25, 2020. Posted in Employee Benefit Plan Audits.

By Craig Erickson With the continual uncertainty we are facing each day, it is important to keep in mind that changes in legislation may impact your current design of your employee benefit plan. Following are some topics Plan sponsors and fiduciaries of employee benefit plans may overlook. 401(k) and Profit-Sharing Plans: Employer Contributions – Plan sponsors and fiduciaries may want to consider reducing or halting employer contributions. For non-safe harbor plans (match or non-elective...

IRS Releases Official Guidance After Treasury Secretary’s Announcement

Written on March 21, 2020. Posted in Tax, Tax Alerts.

by Evan Gernant Following Secretary Mnuchin’s earlier announcement, the Treasury Department released guidance on Friday, which supersedes and expands upon the guidance issued earlier this week that gave taxpayers extra time to pay their taxes but not to file. The new guidance provides for the following relief: The filing of 2019 federal income tax returns and the payment of 2019 federal income tax (including tax on self-employment income) due on April 15, 2020, is automatically...

Families First Coronavirus Response Act

Written on March 19, 2020. Posted in Healthcare, Human Resources.

President Trump has now signed into law the Families First Coronavirus Response Act, providing emergency economic relief and support to American workers who may be impacted by the COVID-19 pandemic. The Act applies to businesses with less than 500 employees and will take effect on April 2, 2020. There are two main aspects of the Act as outlined below: Emergency Paid Sick Leave This portion of the Act allows eligible employees to take two weeks of paid sick leave in the event they...

How U.S. Healthcare Organizations can Secure Their Operations to Better Support Patient Care

Written on March 18, 2020. Posted in Healthcare.

by Michael Castle Uncertainty still abounds on whether and how the virus could mutate as well as how many waves of the outbreak might take place. And with the Centers for Disease Control and Prevention (CDC) warning that it’s no longer a matter of if but when the coronavirus spreads further within the United States, patient care is priority #1. Still, for U.S. healthcare organizations, business continuity management is critical, and they must have a proper risk plan in place sooner...

U.S. Treasury Response to the Coronavirus

Written on March 18, 2020. Posted in Tax, Tax Alerts.

by Evan Gernant The Coronavirus has intruded into all facets of our lives. As we all try to grapple with the uncertainty this situation brings we still find ourselves in the midst of tax filing season, an already stressful time for business owners and other taxpayers. The Treasury Department issued guidance yesterday clarifying Secretary Mnuchin’s announcement on Tuesday that taxpayers can delay income tax payments due April 15, 2020. The guidance provides that for all taxpayers...

Coronavirus Relief Update for Employers in New York and New Jersey

Written on March 18, 2020. Posted in General Business, Human Resources.

Like many of you, we have been working to keep up with current news regarding information for businesses and their employees. The speed at which there are changes and announcements at the federal and state levels is rapid, and our goal is always to relay that information. Federal, state and local governments are working to develop financial aid packages to help businesses that are struggling as a result of the pandemic. As companies struggle with how to continue their business,...

Continual Planning to Keep your Business Running Effectively During This Crisis

Written on March 16, 2020. Posted in General Business, Technology.

By David Singletary As we all continue to face the abrupt changes in the way in which we work and the pressures on all of us to keep our businesses going during this crisis, I want to share with you some key insights and things to continue to think about as we move through this “remote” time. Please know that I along with our team are here to help you in any way that we can. There are some key elements that each of us needs to ensure are in place to create the most effective way...

5 Questions to Prepare Your COVID-19 Readiness

Written on March 13, 2020. Posted in Advisory Services, General Business.

By Paul Ursich Beyond the immense impacts the coronavirus (COVID-19) outbreak is having on public health, the pandemic directly impacts economic activity and poses unique challenges to businesses across industries because of its potentially compounding and unpredictable consequences. With massive quarantines, travel restrictions and factory shutdowns, companies are struggling to quantify potential exposure. Attempting to mitigate potential losses from an unknown number of variables...

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