Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Situation
On August 8, 2020, the president signed an executive order covering a few relief measures including a statement about payroll taxes. The full text can be found here: https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/
Reliant is working with advisers and tax experts to determine options and solutions for compliance prior to the September 15th pay date. This Solomon page will be updated with full details once we have established a plan of action.
CARES Act
The highlighted provisions below relate to Reliant's offered insurance and employment benefits. Please seek consultation from a tax adviser if you have specific questions about the impact the CARES Act will have on your tax situation.
Medical Insurance
401(k) Retirement Plan
Cafeteria Plan - Child-Care Benefit
References:
Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Amendment