Information Update For September 3, 2020

·There have been many questions on President Trump's Executive Order on Payr0ll Tax Deferral, which can be found HERE. This order allowed businesses to defer withholding employee's social security payroll tax from September 1 to December 31, 2020. To be clear, because this is a deferral on collection and not an elimination of the tax, you will still be held liable to pay for the taxes not collected during this deferral.

·This deferral program creates temporary relief to employees that are generally paid up to $4,000 biweekly. The deferred taxes must be remitted to the IRS between January 1 to April 30, 2021, during which employees may have their withholding doubled from their "normal" level. The IRS implementation guidance can be found HERE. As we receive it, we will publish information to our Facebook page HERE.

·The U.S. Chamber has created a memo for businesses to better understand IRS guidance related to the president’s Executive Order on the employee payroll tax deferral. The memo can be found HERE.

·The U.S. Department of Labor has released an updated Q&A regarding the Families First Coronavirus Response Act. This law allows eligible employees to take paid leave because of a need to care for an employee’s child whose school or place of care is closed due to COVID-19 related reasons. As schools reopen under a variety of plans, such as hybrid-attendance and remote learning, the Q&A has been updated to address questions related to this change. It can be found HERE.

·Governor Cuomo released new guidance for agri-tourism businesses, which includes corn mazes, pick-your-own fruit and vegetable operations, and hayrides and haunted houses.  They are considered low-risk outdoor arts and entertainment and are permitted to operate under New York's NY Forward guidance. Petting zoos are still not permitted. The guidance can be found HERE.

The New York Department of Financial Services released the new premium rate for the state's Paid Family Leave for 2021. The maximum contribution rate will be 0.511% of the employee’s gross annualized wages. With the New York State Average Weekly Wage capped at $75,408.84, the maximum employee contribution is set at $385.34 per employee for 2021. The full announcement is HERE. Below you will find the 2021 benefits and rates compared to current 2020 rates. The PFL benefit is now fully implemented


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