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On August 28, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-65 (the “Notice”) as its guidance on implementing the Memorandum on Deferring Payroll Tax Obligations in Light of Ongoing COVID-19 Disaster signed by President Trump on August 8, 2020 (the “Payroll Tax Memo”). As described in a previous post, the Payroll Tax Memo

On August 8, 2020, President Trump signed a Memorandum on Deferring Payroll Tax Obligations in Light of Ongoing COVID-19 Disaster for the Secretary of the Treasury (the “Payroll Tax Memo”). The Payroll Tax Memo notes that President Trump previously declared the COVID-19 pandemic an emergency and that further action is needed to support working Americans

The majority of the benefit and compensation provisions of the Coronavirus Aid Relief and Economic Security Act (the “CARES Act”) provide critical relief to companies and rank and file employees in light of the COVID-19 pandemic (see our previous blog posts on the impact of the CARES Act on health and welfare plans, on the impact on retirement plans, and on executive compensation, employment, leave and payroll tax issues). In addition to supporting their general employee population, most company boards of directors (or applicable board committees) are also grappling with the unique issues relating to compensation and benefits of their executive employees at an uncertain time when such employees are critical to the company’s ability to weather the storm. The following is a summary of key executive compensation issues that boards and executives may want to consider during these trying times.

Continue Reading Key Issues for Companies to Consider Regarding the Impact of COVID-19 On Executive Compensation

In the third and final of a series, our employment and benefits teams take an in depth look at the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”) affecting employment, compensation, payroll taxes and paid leave. For a description of changes affecting health and welfare plans, see here, and for a description of changes affecting retirement plans, see here.

Continue Reading CARES ACT – Employment, Compensation, Payroll Tax and Paid Leave Provisions

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act was enacted into law. The CARES Act is a $2 trillion stimulus package designed to help bolster the economy overall by providing aid to workers and businesses impacted by COVID-19 and to provide further support to the country’s health systems. This blog post is intended to give businesses a high level understanding of some of the key provisions of the CARES Act that may impact employers.

Continue Reading The CARES Act-Compensation and Benefits Related Provisions