The team at Fuller Landau is personally committed to helping you and your business respond and adapt to the unprecedented developments around COVID-19. Check here regularly for the latest updates on measures the Canadian and US governments are taking to help businesses. We will be adding more tools and resources for you as the situation evolves.
The Department of Finance has provided additional information to assist employers to determine whether they are eligible for the new Canada Emergency Wage Subsidy. The program provides a 75 per cent wage subsidy to eligible employers for up to 12 weeks. Eligible Employers Eligible employers include individuals, taxable corporations and partners ... Read More
COVID-19: Learn more about the US Government’s Paycheck Protection Program The US Small Business Administration (SBA)’s Paycheck Protection Program (PPP) was created by The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) to help small businesses impacted by COVID-19. The CARES Act provides $349 billion of funding for SBA lo ... Read More
In this update, we explain the US employment tax relief enacted in recent COVID-19-related legislation. On March 31, 2020, IRS issued Notice 2020-22 outlining the following: The penalty relief applicable to deposits of US Federal employment taxes including income tax withheld, Federal Insurance Contributions Act (FICA) and Railroad Retirement Tax A ... Read More
Today, the Government of Canada announced the details of the Canada Emergency Wage Subsidy that the Prime Minister introduced last week. The subsidy will apply at a rate of 75 per cent of the first $58,700 normally earned by employees. This represents a benefit of up to $847 per week. The program will be in ... Read More
On Friday March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law. The CARES Act includes several tax changes relevant to our clients including the following: Suspension of the 80% taxable income limitation on net operating loss (NOL) deductions for tax years 2018 through 2020 put into ... Read More