Greetings!
We hope you are staying safe and healthy during these uncertain times. Our focus is always on making things as simple as possible for our clients, and even more so right now. Below is the most recent news regarding
COVID-19, as well as some tips for making things easier for you and your employees.
Please do not hesitate to reach out to us if you have any questions or need assistance!
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A PPP Loan Forgiveness Report will be available in iSolved,
the tentative date for the report will be May 1, 2020.
Keep an eye out for more information on running these reports.
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COVID-19 & New Payroll Laws
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We released a webinar regarding the new legislation effective April 1, 2020, including the FFCRA, CARES Act, and PPP. Some key points include:
- Emergency Paid Sick Leave for employers with 499 employees or less, requiring the employee to qualify for one of 6 reasons they are unable to work.
- Emergency Family and Medical Leave for employers with 499 employees or less, extending benefits to all employees who have been employed at least 30 days. Provides 12 weeks of job-protected leave, with the first 10 days unpaid. Specifically for employees who care for a child under 18 years of age that no longer has access to school or child care.
- Employers will be entitled to a tax credit, and the IRS is providing guidance to address the cash flow issue created.
- PPP loans, designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
For a comprehensive list of questions and answers regarding the FFCRA
on the US Department of Labor's website,
click here.
For information on the PPP from the Small Business
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The IRS added a note to the Form 941, Employer's Quarterly Federal Tax Return, on April 3. The
instructions
provide guidance to employers that will claim the employee retention credit.
The employee retention credit was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act to support employers retaining their employees, despite experiencing economic hardship related to the COVID-19 crisis.
The employee retention credit is a refundable tax credit including wages paid after March 12, 2020 and before January 1, 2021. The credit should not be included on the first quarter Form 941. Instead, wages paid between March 13th and March 31 should be included on the second quarter Form 941.
Read FAQs on the IRS website
here.
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FFCRA Tax Credit Functionality in iSolved
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The FFCRA Business Tax Credit functionality became available on Friday, April 10, 2020. This FFCRA credit will calculate based on the total of the following:
- All wages paid under COVID-19 Sick earning type
- All wages paid under COVID-19 FMLA earning type
- All memo calculations under Qualified Health Plan Expense Sick
- All memo calculations under Qualified Health Plan Expense FMLA
- Employer Medicare on the wages above
The system level accumulators will total these credits along with the employer Medicare on designated earning types.
All payrolls processed on or after April 10th, 2020 will automatically calculate the credit with the payroll processing.
We will have a method to retroactively go back from April 10th for previous payrolls that may have been due the credit.
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Are You Utilizing Self Service?
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iSolved has so many capabilities within the self service portal for both managers and employees. Managers have the ability to choose what employees are able to do via their self service portal.
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For Managers/Supervisors:
- Print pay-stubs & W2s
- Make W4 changes
- Add/edit employee self service email
- Enable self service capability
- Paycard/direct deposit changes
- Process terminations
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For Employees:
- View and print pay-stubs and W2s
- Edit address and other contact details
- Make W4 changes
- Submit time off requests
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What is the benefit of enabling self service for your employees?
Enabling self service frees up managers' time, allowing employees to update and access their own information based upon the permissions you allow. The abilities that employees have within self service are entirely up to you and can be modified at any time.
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Download the iSolved Go App
The iSolved Go app puts all the features of iSolved in the palm of your hand, for both managers and employees!
Depending on the permissions you set, employees will be able to:
- Punch in/out
- GPS location of punches
- View paystubs and tax documents
- Update address/phone number
- Update tax information
- Create time off requests
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Component 2 Pay Data Reporting Temporarily On Hold
In an official notice, the EEOC stated
“Based on the Commission’s evaluation of the public comments received in response to the 60-Day Notice and the agency’s own burden calculations, 28 and because the PRA requires an agency to demonstrate that the practical utility of the information collection outweighs the burden of the collection, the Commission cannot justify continuing to collect Component 2 data.” Read the
EEOC Official Notice.
"On September 11, 2019, the EEOC announced in the Federal Register that it intends to submit to OMB a request for a three-year approval of Component 1 of the EEO-1 and does not intend to submit to OMB a request to renew Component 2. The Office of Federal Contract Compliance Programs (OFCCP) has said it will not request, accept, or use Component 2 pay data, but it will continue to use Component 1 data.
Even though the EEOC and the OFCCP are purportedly not actively collecting and/or using compensation information in the EEO-1 report, it is critical that all employers—particularly government contractors—regularly conduct pay equity analyses in preparing for OFCCP audits. Compensation information is requested as part of OFCCP audits, separate and apart from the EEO-1 Report."
Read more
here.
Are you required to file an EEO-1 Report? Find out
here.
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Payarc HCM
(916) 757-6777
1430 Blue Oaks Blvd Suite 270
Roseville, CA 95747
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