CARES Act Webinar – What it means for your practice

Mar 30, 2020

CARES Act Webinar – What it means for your practice

Payroll Protection Program Tips:

While we are all awaiting documentation requirements from the SBA, we believe the list below will be required when applying for the Payroll Protection Program.

To stay proactive, we are recommending those interested should begin gathering this information and maintaining it in a file/folder.

  • 2019 IRS Quarterly 940, 941 or 944 payroll tax reports.
  • Last 12 months of Payroll Reports beginning with your last payroll date and going backward 12 months.
    Payroll report must show the following for the time period above:

    • Gross wages for each employee, including the officer(s), if paid W-2 wages.
    • Paid time off for each employee.
    • Vacation pay for each employee.
    • Family medical leave pay for each employee.
    • State and Local taxes assessed on the employee's compensation for each employee.
  • 1099s for 2019 for independent contractors that would otherwise be an employee of your business. (Do NOT include 1099s for services.)
  • Documentation showing a total of all health insurance premiums paid by the Company Owner under a group health plan.
    • Include all employees and the company owners.
  • Document the sum of all retirement plan funding that was paid by the Company Owner (do not include funding that came from the employees out of their paycheck deferrals).
    • Include all employees, including company owners.
  • 401K plans, Simple IRA, SEP IRAs.

Collier & Associates, Inc. will update our blog as the CARES Act progresses. We take pride in continuing to keep our subscribers and website visitors updated on current events during this extraordinary time.

We will work diligently to answer general inquiries via our website if time permits and in a little more detail within our Newsletters. However, if your questions are detailed in nature, please request to set up a conference call for a formal legal consultation. Thank you.

DISCLOSURE

Collier & Associates, Inc. provides this information as a service to clients and other friends for educational purposes only. It should not be construed or relied on as legal advice or to create a lawyer-client relationship. Readers should not act on this information without seeking advice from professional advisors.

COPYRIGHT

All website information and materials are copyrighted by Collier & Associates, Inc. All rights reserved. All materials are provided for noncommercial, personal use only and may not be copied, duplicated, altered, or transferred to any website or other tangible or electronic publication mediums.

Updated March 30, 2020

LEARN MORE ABOUT OUR UPCOMING SEMINARS

Rockport, ME – Aggressive Business, Tax & Practice Mgmt. Seminar
WHEN: Sept. 20-22, 2024
WHERE: Samoset Resort On The Ocean
Monterey, CA – Retired Doctors Seminar
WHEN: Nov. 8-9, 2024
WHERE: Monterey Plaza Hotel & Spa