Treasury Issues Guidance on Executive Order to Allow Payroll Tax Deferment
In early August, President Trump issued an Executive Order allowing employers to temporarily defer payroll taxes for employees who are earning less than $4,000 in a biweekly payroll for the period between September 1, 2020, and December 31, 2020.
Last Friday, the IRS released its first notice regarding implementation of the President’s executive order. Click here to review the document.
The notice makes clear that if the employer opts to defer payroll taxes, the employer is the affected taxpayer, not the employee. It appears that this action is voluntary for the employer. The notice makes no mention of nor seems to contemplate the employee making the election to defer. Therefore, this would appear to be a decision left to the employer.
For specific tax advice, please consult with your tax attorney, auditor, or other qualified professional.
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Next Week - Virtual Town Hall with Rep. Quigley |
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Join the IRA and Illinois Business Immigration Coalition next Thursday, September 10 at 10:00 a.m. for a live virtual town hall with Congressman Mike Quigley (IL-5). Topics will include the latest federal updates on the negotiations on the next stimulus package, guidance on the PPP loan forgiveness process for Illinois small businesses and nonprofits from experts, and more.
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New Mitigations in Region 4, Effective Today
Governor Pritzker and the Illinois Department of Public Health (IDPH) have announced that additional COVID-19 mitigation efforts will be implemented in the Metro East area, effective today. Region 4 has only increased its positivity rate following initial mitigations and is now reporting a current 7-day rolling test positivity average of 9.6%.
Mitigation measures taking effect today as well as continuing mitigations already in place include the following: no indoor service at restaurants or bars, all outdoor service at restaurants and bars must end at 11:00 p.m., and more.
IDPH will continue to track the positivity rate in Region 4 to determine if mitigations can be relaxed, if additional mitigations are required, or if current mitigations should remain in place. If the positivity rate averages less than or equal to 6.5% over a 14-day period, the region will return to Phase 4 mitigations under the Restore Illinois Plan. If the positivity rate remains the same or increases over the next 14 days, more stringent mitigations can be applied to further reduce spread of the virus.
Click here to read the full announcement. Click here to review the latest resurgence mitigations for Region 4.
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State of Illinois Applying for Federal Lost Wage Assistance Funds
This week, the Illinois Department of Employment Security (IDES) announced that it has submitted its application to the Federal Emergency Management Agency (FEMA) for the new federal Lost Wage Assistance (LWA) funds. Eligible Illinoisans will be able to access these funds. However, there continues to be some uncertainty around who may receive the funds and how many weeks workers might receive payments.
Under the new federal program created by President Trump through a Presidential Memorandum, certain individuals unemployed as a result of the COVID-19 pandemic may be eligible to receive an additional $300 per week to their weekly benefit amount (WBA). The additional benefits would start for claimants who self-certify they are unemployed or partially unemployed due to COVID-19 on or after Aug. 1, 2020, and end on Dec. 27, 2020.
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Free COVID-19 Testing For Employees Through Curis Healthcare
IRA member Curis Healthcare, in partnership with LabTech Diagnostics, is broadening access to COVID-19 screening, testing, and guidance for necessary care. The organizations are providing the following free solutions to restaurants and bars in Chicagoland:
- On-site, organization-wide testing at no cost to the organization and no out-of-pocket cost to employees.
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Email Razi Khan or call (708) 620-7857 for more information.
- At-home, patient-initiated testing service at no-cost to the individual.
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Email [email protected] to book an at-home appointment.
- Same-day walk-in testing access to free testing (no appointment necessary)
- Location: Pharmacy One Plus: 4751 N. Kedzie Chicago 60625
- Hours: Mon-Fri 9:00 a.m. - 5:00 p.m. | Sat 8:00 a.m. - 2:00 p.m.
- Phone: (773) 217-5065
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Email: [email protected]
LabTech Diagnostics provides Molecular PCR (nasal swab) testing and Serology IgG/IgM antibody testing (blood draw), with a turnaround time of three to five days.
If your organization is interested in Curis Healthcare's COVID-19 testing services, please contact Razi Khan or call (708) 620-7857.
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New Chicago Travel Warnings - Updated State Quarantine List
Yesterday, Chicago public health officials added three states to the city's COVID-19 travel quarantine order and issued a warning about rising cases in Indiana.
The states of Hawaii, Nebraska and North Carolina were added Tuesday. North Carolina had previously been on the list and was removed last week.
Click here to review the latest emergency travel order.
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Please visit our website for the latest COVID-19 updates, in addition to the above resources and information for your business. Updated as of 5:00 p.m. on Wednesday, September 2.
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THANK YOU TO OUR CORPORATE SPONSORS |
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