Experienced. Innovative. Trusted.
You can count on Bormel, Grice, & Huyett.
As of September 21, 2020, Maryland Division of Unemployment Insurance ("DUI") will be launching a new and modernized IT system. The existing system will shut down on September 16, 2020 at 5pm. Employers and third party payroll agents that process quarterly reports and maintain the current unemployment insurance account can now activate the account in the BEACON 2.0 system.
Congress included a provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act intended to provide some relief for charitable organizations, who are seeing a decline in contributions due to the recent economic turmoil. The CARES Act permits eligible individuals who do not itemize deductions to deduct $300 of qualified charitable contributions as an "above-the-line" deduction, i.e., as an adjustment in determining adjusted gross income (AGI), for tax years beginning in 2020.
The Internal Revenue Service has issued guidance on the Presidential Memorandum issued on August 8, 2020, allowing employers to defer withholding and payment of the employee’s portion of the Social Security tax, if the employee’s wages are below a certain amount.
On Wednesday June 17, 2020, the US Small Business Administration, in collaboration with the US Treasury, released a revised Paycheck Protection Program (PPP) Loan Forgiveness Application. The application reflects changes to the PPP made by the Paycheck Protection Flexibility Act of 2020, P.L. 116-142, which became law June 5, 2020.
