Regulatory Roundup June 2020July 01, 2020
Legislative updates from June include new tax filing deadline, minimum wage increases, and other statewide initiatives.
While much of the compliance legislation over the last few months has been in response to the coronavirus pandemic, June has brought a few mid-year announcements of note that can impact your business.
In addition to the release of new Form 941 and Form 7200, the IRS has also postponed Federal Tax Filing and paying until July 15, 2020, without penalty and interest, regardless of the amount owed. This applies to all taxpayers, including individuals, corporations, and other non-corporate tax filers as well as those who pay self-employment tax.
Minimum wage increases for numerous states and local jurisdictions go into effect on July 1, 2020 – some of which include mandatory health benefits for qualifying employees. Several other statewide acts also have effective dates between June and the end of the year that you should be aware of, including paid family and medical leave, overtime reporting, check stub requirements, and more.
Here is a full list of this month’s compliance and tax alerts:
Federal Forms & Filings
- Mid-year federal tax and minimum wage updates announced
- New local, state, and federal regulations detail what to expect for the rest of 2020
- The DOL issues final rule for computing overtime
Paycheck Protection Program (PPP)
Visit our Return to Work page to browse our resources to help you engage, rehire, and recruit in this new environment. You can also check out our Legislative Updates Related to Coronavirus (COVID-19) for a comprehensive summary of legislative changes and how Paylocity has responded with updates to our product to help you stay compliant. For the latest information and resources related to the coronavirus, check our COVID-19 Resources page often.
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This information is provided as a courtesy, may change, and is not intended as legal or tax guidance. Employers with questions or concerns outside the scope of a Payroll Service Provider are encouraged to seek the advice of a qualified CPA, Tax Attorney, or Advisor.
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