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Regulatory Update: EEOC Updates Guidance to Prohibit Mandatory Antibody Testing for Employees

(From Venable LLP) Employers cannot require their workers to take antibody tests before returning to the office, according to new guidance from the Equal Employment Opportunity Commission. Consistent with the CDC’s Interim Guidelines, the EEOC has determined an antibody test is not “job related...


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Regulatory Update: IRS Issues Temporary Relief from Spousal Consent Physical Presence Requirement

On June 3, the IRS issued Notice 2020-42 providing temporary relief from the requirement that spousal consent to retirement plan distributions, loans and beneficiary designations occur in the physical presence of a notary public or plan representative. For the period from January 1, 2020,...


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Regulatory Update: New Guidance on Accounting for PPP Funds

(From Journal of Accountancy) The American Institute of CPAs has released some guidance on how to account for forgivable loans under the Small Business Administration’s Paycheck Protection Program. The guidance explains that while the legal form of the PPP loan is debt, some believe that the...


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Regulatory Update: Supreme Court Rules LGBTQ Workers Protected From Job Discrimination

On June 15, The Supreme Court ruled that existing federal rights law related to sexual discrimination in the workplace protects LGBT employees. The cases were brought by three workers who said they were fired from their jobs because they were gay or transgender. They argued that Title VII of...


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Regulatory Update: PPP Flexibility Act Extends Loan Period

(from blumshapiro and Forbes) On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act . The act provides modifications that will allow organizations more flexibility in using the loan funds and qualifying for forgiveness. Highlights include: The...


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Regulatory Update: SBA Issues PPP Forgiveness Guidance

T he night of Friday, May 22, the Department of the Treasury and Small Business Administration (SBA) released new Paycheck Protection Program (PPP) guidance that provided some clarity on several loan forgiveness questions. The 19-page interim rule on PPP review procedures and related...


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COVID-19 Update: PPP Loan Forgiveness Application Released, HEROES Act Passed

(From blumshapiro) On May 15, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the much anticipated PPP Loan Forgiveness Application.The form and instructions offer borrowers details on how to apply for forgiveness of their PPP loans and...


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COVID-19 Update: New Treasury Guidance for May 14 Safe Harbor PPP Deadline

(from the Department of the Treasury) Updated on May, 14. On May 13, the Department of the Treasury released FAQs clarifying the SBA’s interpretation of the CARES Act and of the Paycheck Protection Program (PPP) Interim Final Rules. The final question, number 46, which addresses safe harbor,...


Blog Entry
COVID-19 Update: Form 990-T Extension

Find all COVID-19 Resources for the Independent School Business office here. (from NBOA) On Thursday, April 9, 2020, the Internal Revenue Service issued an extension relief notice (Notice 2020-23) to authorize the postponement of specific time-sensitive acts for affected taxpayers including...


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COVID 19-Update: CARES Act, Sick Leave Act Guidance, Legal Aspects, Admissions Surveys

Find all COVID-19 Resources for the Independent School Business office here. (from NBOA) On Friday, March, 27, 2020, a $2 trillion relief package to support the U.S. economy during the COVID-19 pandemic was signed into law. The Coronavirus Aid, Relief and Economic Security Act (CARES Act),...