COVID -19 UPDATES

We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout and we are here to help and keep you informed:

Below are links to COVID - 19 tax legislation and updates:

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We are a full service accounting firm dedicated to our clients, providing quality service with a quality team to assist your company with long term growth and stability. We provide a wide array of services to help you grow and sustain your business.

Our team is built to serve you, specializing in a multitude of areas permitting us to better serve our clients.

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Delayed Payment of Employer Payroll Taxes

07/22/2020

CARES ACT: Delayed Payment of Employer Payroll Taxes

~ Author - Alison Starr,  Deluzio & Company, Staff Accountant I ~

form 941

In general, under the Federal Insurance Contributions Act (FICA), taxes are imposed on both employers and employees on wages paid to the employee for Social Security (old-age, survivors, and disability insurance (OASDI)), and Medicare hospital insurance (HI). The FICA taxes are imposed on both the employer and the employee at a rate of 6.2% for OASDI and 1.45% for HI, totaling 7.65% for the employee and 7.65% for the employer (15.3% total).

Under the CARES Act, payroll taxes due from the period beginning on March 27, 2020 (the date the CARES Act was signed into law) and ending on December 31, 2020, can be deferred, without penalty or interest assessed. The total payroll taxes incurred by employers, and 50% of payroll taxes incurred by self-employed persons qualify
for the deferral. Half of the 2020 deferred payroll taxes are due on December 31, 2021, with the remainder due on December 31, 2022.

Please call our office to discuss details if you’d like or need to take advantage of this provision.