As changes continue day by day, we would like to keep you updated on the most relevant and useful information. We hope this email finds you well, and invite you to reach out if there is anything we can help you with.

IRS Extends 1095 Reporting Deadline to March 2, 2021

Originally scheduled for January 31, 2021, the deadline for employers to provide employees with a copy of their 1095-C or 1095-B reporting form has been extended to March 2, 2021. The notice also provides relief from section penalties for certain aspects of the 2020 information-reporting requirements as an act of "good-faith efforts".

Employers that prefer to distribute the forms alongside the W-2 tax forms by January 31 are still welcome to do so as originally planned. The IRS has announced it will not grant an additional extension beyond this deadline for distributing forms, and encouraged employers to send the forms to employees as soon as possible.

⬅️ CLICK A STATE TO VIEW ITS LAW!

As of January 2020, a total of six states hold mandates requiring residents to have qualifying health insurance coverage, an exemption, or pay a penalty when they file their State Tax Return. Individuals who do not have coverage (or an exemption) face a fee when filing their state taxes.

Election Day is November 3, 2020! Depending on where you are located, your employees may or may not have the right to take time off to vote. In some states, the law sets a specific amount of time that workers must be allowed off to vote. If an employer keeps workers from exercising their right to vote, there may be resulting penalties. In Arizona, Missouri, and Kansas - for example - supervisors face fines up to $2,500 if they block an employee from voting.

CHECK YOUR STATE'S LAW HERE!

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A recent study shows that 40% of consumers have increased their use of social media and online messaging for product and business recommendations since the start of the pandemic. With this growing need for online business presence, Facebook has created more tools for businesses to utilize on the site. Their newly launched app, Facebook Business Suite, for example, was designed to ease management of business pages across Facebook, Instagram, and Messenger. Creating a one-stop-shop for posting, engaging with customers, etc. allows business accounts to cut down on posting time and reach multiple audiences at once.

Because businesses accounts make up a large portion of Facebook's presence, the company's best interests are to continue helping those entities. Vice President of Small Business at Facebook, Rich Rao, discusses this relationship and changes in a Paychex podcast.

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