COVID-19 and Remote Employees

COVID-19 has far-reaching impacts for many businesses. During these past months, many companies have had employees working remotely from their homes. For some businesses this may have unintended consequences such as creating nexus in more states. Having remote employees working in other states has created filing obligations for many years, so this is not a new development. But if your business was not already accustomed to remote employees then you could be surprised by new income tax or sales tax obligations in addition to state withholding and unemployment taxes.

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The IRS Issues Guidance on the Executive Action Deferring Payroll Taxes

On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance in Notice 2020-65 was issued to implement President Trump’s executive action signed in early August.

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Designating Attorneys-In-Fact: What to Do When an Institution Refuses to Acknowledge Your Power of Attorney

A power of attorney allows a principal, the person creating the power, to appoint another as his or her attorney-in-fact to make certain decisions on behalf of the principal related to financial and property matters. Powers of attorney are an important part of one’s estate plan and can be especially useful if the principal should become incapacitated; this is known as a “durable” power of attorney. It is important to note, though, that powers of attorney cease upon death of the principal.

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Application Security: TikTok and Data Privacy

With TikTok in the news, Boulay’s Risk Advisory professionals assess the controversy surrounding the video-sharing application and the broader implications for data privacy in the United States.

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What Does the Executive Action Deferring Payroll Taxes Mean for Employers and Employees?

On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this point, the taxes are just deferred, meaning they’ll still have to be paid at a later date. However, the action directs U.S. Treasury Secretary Steven Mnuchin to "explore avenues, including legislation, to eliminate the obligation to pay the taxes."

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COVID-19 and Cybercrime: What You Need to Know

Malicious actors have taken advantage of the COVID-19 coronavirus pandemic to perpetrate cybercrimes. One of the most high-profile trends in recent months has been the continued attempts by foreign state-sponsored hackers to infiltrate the networks of pharmaceutical companies, universities and government organizations conducting critical coronavirus vaccine research.

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IRS Guidance Provides RMD Rollover Relief

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called "coronavirus-related distributions" (CRDs) from IRAs, 401(k) plans and certain other retirement plans.

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Creating a Controlled IT Environment

The impact of technologic growth on both business structure and function has shifted the corporate landscape to the point where IT systems have become integrated into core business processes even for those organizations that have been slow to adapt. 

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Managing GDPR Compliance

GDPR compliance has become necessary when doing business in the European Union. Boulay provides insight on the requirements and response necessary to meet these regulatory demands.

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PPP Borrowers Get Concessions, Additional Guidance on Forgiveness

The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law.

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