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Tax Mid-Year Review
June 22, 2020
Over the past four months much of the focus has been on Coronavirus legislation but there has been movement in other areas of tax law legislation that may have impact on your business. Below are summaries of what to expect and prepare for beginning July 1, 2020 through December 31, 2020.
Effective July 1 - December 31
Federal Updates
- Federal Tax Filing and paying postponed to July 15, 2020 without penalty and interest, regardless of the amount owed.
- IRS Releases New Form 941
- IRS Releases New Form 7200
- Advanced Payment of Employer Credits Due to COVID-19
- Click here for more agency information
- Click here to view Form 7200
State Minimum Wage Updates
Following below is a list of state jurisdictions changing their state minimum wages rates effective July 1, 2020.
Local Minimum Wage Updates.
Following below is a list of local jurisdictions changing their state minimum wages rates effective July 1, 2020.
State | Effective Date | Future Hourly Minimum Wage Rate | Hourly Minimum Wage Rate | Minimum Cash Wage | Maximum Tip Credit |
Connecticut | 9/1/2020 | $12.00 | $11.00 | $6.38: wait staff; $8.23: bartenders | $5.62:wait staff; $3.77: bartenders |
District of Columbia | 7/1/2020 | $15.00 | $14.00 | $5.00 | $10.00 |
Illinois | 7/1/2020 | $10.00 | $9.25 | $6.00 | $4.00 |
Nevada | 7/1/2020 | $9, | $8.25, | N/A | N/A |
Oregon | 7/1/2020 | $12.00 | $11.25 | N/A | N/A |
Rhode Island | 10/1/2020 | $11.50 | $10.50 | $3.89 | $6.61 |
Local Minimum Wage Updates.
Following below is a list of local jurisdictions changing their state minimum wages rates effective July 1, 2020.
State | Local | Effective Date | Future Hourly Minimum Wage | Minimum Cash Wage | Maximum Tip Credit |
California | Alameda City (Private Employers) | 7/1/2020 | $15.00 | N/A | N/A |
Berkeley | 7/1/2020 | $16.00 | N/A | N/A | |
Emeryville | 7/1/2020 | $16.84 | N/A | N/A | |
Freemont (Small employers 25 or Fewer employees) | 7/1/2020 | $13.50 | N/A | N/A | |
Freemont (Large Employers with 26 or more employees) | 7/1/2020 | $15.00 | N/A | N/A | |
Los Angeles City (Employers with 25 or fewer employees) | 7/1/2020 | $14.25 | N/A | N/A | |
Los Angeles City (Employers with 26 or more employees) | 7/1/2020 | $15.00 | N/A | N/A | |
Los Angeles County (Employers with 25 or fewer employees) | 7/1/2020 | $14.25 | N/A | N/A | |
Los Angeles County (Employers with 26 or more employees) | 7/1/2020 | $15.00 | N/A | N/A | |
Malibu (Employers with 25 or fewer employees) | 7/1/2020 | $14.25 | N/A | N/A | |
Malibu (Employers with 26 or more employees) | 7/1/2020 | $15.00 | N/A | N/A | |
Milpitas | 7/1/2020 | $15.40 | N/A | N/A | |
Novato City (Employers with 1-25 employees) | 7/1/2020 | $13.00 | N/A | N/A | |
Novato City (Employers with 26-99 employees) | 7/1/2020 | $14.00 | N/A | N/A | |
Novato City (Employers with more than 100 employees) | 7/1/2020 | $15.00 | N/A | N/A | |
Pasadena (Small employers 25 or Fewer employees and Nonprofits) | 7/1/2020 | $14.25 | N/A | N/A | |
Pasadena (Large employers 26 or more employees) | 7/1/2020 | $15.00 | N/A | N/A | |
San Carlos | 7/1/2020 | $15.00 | N/A | N/A | |
San Leandro | 7/1/2020 | $15.00 | N/A | N/A | |
San Francisco | 7/1/2020 | $16.07 | N/A | N/A | |
Santa Monica (Employers with 25 or fewer employees) | 7/1/2020 | $14.25 | N/A | N/A | |
Santa Monica (Employers with 26 or more employee) | 7/1/2020 | $15.00 | N/A | N/A | |
Santa Rosa (Small Employers 25 or fewer employees) | 7/1/2020 | $14.00 | N/A | N/A | |
Santa Rosa (Large employers 26 or more employees) | 7/1/2020 | $15.00 | N/A | N/A | |
Illinois | Chicago (employers with 19 or fewer employees) | 7/1/2020 | $13.50 | $8.40 | $5.10 |
Chicago (employers with 20 or more employees) | 7/1/2020 | $14.00 | $8.40 | $5.60 | |
Cook County | 7/1/2020 | $13.00 | $4.95 | $7.05 | |
Maryland | Montgomery County (Covered employers: Employers with 10 or fewer employees) | 7/1/2020 | $13.00 | $4.00 | $9.00 |
Montgomery County (Employers that have 11 or more employees and: | 7/1/2020 | $13.25 | $4.00 | $9.25 | |
Montgomery County (Covered employers: General industry employers with 51 or more employees) | 7/1/2020 | $14.00 | $4.00 | $10.00 | |
Minnesota | Minneapolis (Employers with 100 or fewer employees) | 7/1/2020 | $11.75 | N/A | N/A |
Minneapolis (Employers with 101 or more employees) | 7/1/2020 | $13.25 | N/A | N/A | |
St. Paul (Employers with five or fewer workers) | 7/1/2020 | $9.25 | N/A | N/A | |
St. Paul (Employers with more than five but fewer than 101 workers) | 7/1/2020 | $10.00 | N/A | N/A | |
St. Paul (Employers with more than 100 but fewer than 10,001 workers) | 7/1/2020 | $11.50 | N/A | N/A | |
St. Paul (Employers with more than 10,000 workers) | 7/1/2020 | $12.50 | N/A | N/A | |
Oregon | Nonurban Counties | 7/1/2020 | $11.50 | N/A | N/A |
Portland Metro | 7/1/2020 | $13.25 | N/A | N/A |
