COVID-19 UPDATE: REOPENING PLAN FOR DIVISION OF VEHICLES, IRS TAX CREDITS,
NADA RETIREMENT PROGRAM UPDATE WEBINAR
Reopening Plan for the Division of Vehicles

Vehicle Services : Monday, May 18 - the Vehicle Services Public phone line will open to customers (785) 296-3621.

Driver Services : Here is the schedule for State Driver’s License offices which opened effective Tuesday, May 12. The schedule is based largely on the availability to provide staff personal protective equipment to help protect both employees and the public. Staff and public screenings will be required before entering offices and they are implementing all social distancing guidelines. They are also monitoring the county COVID-19 case data to help make the necessary decisions on opening offices.

CDL drive tests will be conducted. Non-commercial drive tests will not be offered at this time. All customers will be served by appointment only.
IRS: Three Tax Credits for Businesses Hit by COVID-19

The Internal Revenue Service is providing employers three important new credits  to help with COVID-19 relief: The Employee Retention Credit; Paid Sick Leave Credit; and Family Leave Credit.

Qualifying employers must fall into one of two categories:
  • The employer's business is fully or partially suspended by government order due to COVID-19 during the calendar quarter; or
  • The employer's gross receipts are below 50% of the comparable quarter in 2019. Once the employer's gross receipts go above 80% of a comparable quarter in 2019, they no longer qualify after the end of that quarter. 

IRS Updates FAQs on Employee Retention Tax Credit

The IRS has also updated its Employee Retention Tax Credit (ERTC) FAQs , clarifying that businesses can treat health plan expenses as qualified wages under the ERTC, including health plan expenses for furloughed employees paid by the business. This will provide additional relief to dealers utilizing the ERTC and provide health care benefits for their furloughed employees.

Note: dealers participating in the Paycheck Protection Program are ineligible to receive tax credits under the ERTC.  
NADA Retirement Program from Empower Hosts May 14 Market Update

What should investors be thinking about as they make their way through the different stages of the COVID-19 pandemic? Join a webinar on May 14 at 1pm for dealers who currently sponsor a NADA Retirement plan or who are considering transferring an existing 401(k) plan to the program. Speakers Daniel Esch and Lisa Tobey of CAPTRUST, the discretionary investment manager for the program, will discuss the current state of the economy and share thoughts on when the market will rebound.

To register for the webinar on May 14 at 1pm, click here .

For more information about 401(k) plans designed specifically for dealerships and offered through the NADA Retirement program from Empower, visit www.nadaretirement.com [marketing.nada.org] .
KADA will continue to provide updates on critical legislative and regulatory measures as they become available. They will also be posted on www.kansasdealers.org.