Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
Small Business News Highlights for September 1:
- Payroll tax holiday starts today; IRS says businesses must pay back the money
- DOL issues clarification on FFCRA leave eligibility
- More companies vow to give workers time off to vote in upcoming election
Payroll tax holiday starts today
“I had warned my employer clients that this would be a ‘hard no.’”
President’s Payroll Tax Holiday, issued in his August memorandum, goes into effect today and many tax professionals are urging their clients to forego the option to defer employee payroll taxes.
The IRS has made it clear the businesses who do choose to defer the tax payments will still be responsible for paying them after the holiday period ends. The payroll tax holiday runs from September 1st through December 31st and applies to employees that make less than $4,000 biweekly.
DOL issues clarification on FFCRA leave eligibility
“The FAQs generally explain that employees are eligible for FFCRA leave while a child’s school is closed; if the school is open for in-person learning but a parent has selected a remote option, leave may not be available, depending on the circumstances.”
As schools across the country open for the year with a mix of virtual and in-person schedules, parents continue to struggle with balancing work and childcare and schooling needs. The Department of Labor issued further clarification on FAQ regarding eligibility for leave under the Families First Coronavirus Response Act (FFCRA).
The additional FAQs confirm that in situations where children go to school according to a hybrid schedule, parents are eligible for leave on the days that the children are not allowed in the building. However, for schools that offer students the option of a remote only or an in-person only schedule, parents who choose the remote only option are not eligible because they could be sending their child to school, they are just choosing not to.
More companies give employees time off to vote
“No American should have to choose between earning a paycheck and voting.”
Walmart, Coca-Cola, Uber, Cisco, and Twitter are just a few of the companies that are making sure that employees have the time they need to go vote in this year’s presidential election. In fact, over 600 companies have signed a pledge with electionday.org to give workers time off to vote.
In 2018, the voting rights organization only had 150 businesses committed to employee voting. This year, they hope to have commitments from 1000 businesses across the country.