The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted on Friday, March 27, provides relief in the form of a fully refundable payroll tax credit to businesses affected by the COVID-19 pandemic that retain and continue to pay their employees during the crisis.
Senate Passes $2 Trillion Coronavirus Rescue Package
The U.S. Senate unanimously approved a $2 trillion stimulus bill late Wednesday to provide emergency relief to businesses and individuals affected by the coronavirus pandemic. The U.S. House is expected to approve the bill on Friday, and President Trump is expected to sign the legislation soon after.
DOL Guidance on COVID-19 and the Workplace
On March 24th, the U.S. Department of Labor (DOL) published summaries of employee rights and employer obligations under the Families First Coronavirus Response Act (FFCRA) on the DOL’s COVID-19 and the Workplace website. Also available on the site under the heading “Posters” is the notice which all covered employers are required to post in
Families First Coronavirus Response Act: Breaking Down Both Types of Leave
On March 18, 2020, President Trump signed the Families First Coronavirus Response Act (“the Act”). The Act creates two new types of leave for employees, each with different requirements. To help employers administer these new types of leave, the attached chart breaks down the Act’s requirements.
COVID-19 Employment Challenges
COVID-19 Employment Challenges With the COVID-19 outbreak, employers are facing many questions related to managing their workforces, protecting their employees, and navigating the effect of government efforts to contain the spread of the virus. This situation evolves daily, and employers’ legal obligations continue to change as the pandemic grows. The flood of information can be
IRS Delays Tax Payment Deadline by 90 Days for Most Individuals and Businesses
UPDATE: An IRS notice published on March 18, 2020, clarified several aspects of the 90-day tax deferral announced one day earlier by Treasury Secretary Steven Mnuchin.
Governor DeWine Suggests That Employers Take Employees’ Temperatures Daily
In his March 18 afternoon press briefing, Governor DeWine advised Ohio employers to take the temperatures of all employees every day and went so far as to say that if employers do not do this, the next step will be to close all but essential business. The EEOC released the following updated information on the
The Effect of the COVID-19 Coronavirus on Construction
The COVID-19 coronavirus is impacting every aspect of the economy, and construction will not be exempt. Materials and deliveries may be slowed, crews quarantined and unavailable, and projects delayed. We view COVID-19 as an event beyond the control of a party (an “act of G-d”), falling within the force majeure provision of most contracts. Some
Construction Business Owners Can Benefit from the Qualified Business Income Deduction
The Tax Cuts and Jobs Act of 2017 created a lucrative new tax incentive for certain business owners: the ability to deduct up to 20% of their qualified business income. Thus, a business owner who qualified for the deduction could earn a taxable income of $500,000 but pay tax on as little as $400,000, resulting in tax savings of nearly $40,000.
Like nearly all provisions of the tax code, however, the deduction is subject to a myriad of exceptions, limitations, and special rules. Among other things, the deduction is reduced or even eliminated depending on the owner’s income, the nature of the business, how the business is organized (the deduction is only available to pass-through businesses such as partnerships, S corporations, and sole proprietorships), how much the business pays in wages, and how much property it uses.
When the deduction was added to the tax code, construction business owners, in particular, faced uncertainty about whether they qualified for the deduction if their income exceeded a specified amount, whether they could combine multiple trades or businesses into a single business (or separate a single business into multiple businesses), and whether income from rental activities qualified for the deduction. Recent IRS regulations have clarified these and other issues, generally in taxpayer-friendly ways.
Continue Reading Construction Business Owners Can Benefit from the Qualified Business Income Deduction
Andy Natale receives the Construction Employers Association’s Distinguished Service Award and was selected in to the CEA Hall of Fame
At the CEA’s 98th Annual Clambake on October 24, Hahn Loeser’s Andy Natale was honored by the Construction Employers’ Association (CEA) with its Distinguished Service Award, elevating him to the ranks of the CEA’s Hall of Fame. Andy has devoted his entire career to working in the construction industry, representing general contractors, design/builders, surety companies,