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[Don McCready]

Greetings Fellow GPUGers,

For those of us who use GP for in-house payroll, we’ll have some work to do as a result of the new legislation.  We’ll need to track related payroll and file for a tax credit each quarter.

Is anyone planning on a related webinar, blog, or other helpful resource?

Thanks!

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Don McCready
Retired Controller and IT Director
The Schaefer Group, Inc.
Beavercreek OH
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[Deb Sletmoen]

?Don-  I will check with Terry this morning and get something scheduled.  Things are changing faster than any of us can keep up with but being ahead of the reporting requirements is critical.

Be looking for a webinar from the IS team.

Thank you!
Deb
deb@iscorp.biz

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Deb Sletmoen
Owner
Implementation Specialists (IS)
Hawley MN
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[Jo deRuiter]

Can you provide the GPUG users with any type of update on this??

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[Terry Heley]

Thanks for putting this out there Don!  It is a difficult time for all so I understand.  Personally, I don’t want to blog till we know more, but some guidance I would say by reading this is clearly these PTO types are going to have to be easily identified to ensure that the tax credit is right for 941 reporting.

If that is a new code, or they use the same code, but we know the date range we can pull how much was paid out with that code in those dates to come up with a credit amount.

Sounds like more details will be available this week. 

https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus

 

Prompt Payment for the Cost of Providing Leave

When employers pay their employees, they are required to withhold from their employees’ paychecks federal income taxes and the employees’ share of Social Security and Medicare taxes. The employers then are required to deposit these federal taxes, along with their share of Social Security and Medicare taxes, with the IRS and file quarterly payroll tax returns (Form 941 series) with the IRS.

Under guidance that will be released next week, eligible employers who pay qualifying sick or child care leave will be able to retain an amount of the payroll taxes equal to the amount of qualifying sick and child care leave that they paid, rather than deposit them with the IRS.

Thanks
Terry 
Microsoft

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Terry Heley
HR/PR expert
Microsoft
West Fargo ND
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