How to Support Your People through Compassion, Compliance and Accountability
People First
How can you support your people through compassion, compliance and accountability? As organizations continue to navigate the ever-changing landscape this pandemic presents, it is important to stay aware of the impact on employees due to illness, reduced hours, or loss of unemployment. Employees are facing increased emotions, heightened anxiety, fear, added stress from children at home, and isolationism. Organizations should consider the very real effect these emotions have on the ability for people to stay healthy, present, and engaged. At these critical times, more than ever, employees will benefit from strong guidance and leadership from their authentic CEOs.
Compliance
AB 6201 – Families First Coronavirus Relief Act (FFCRA)
The bill provides for relief for entities with less than 500 employees. It goes into effect on April 2 and expires on December 31, 2020.
- Emergency Paid Sick Leave
- Full and part-time employees will be eligible for 80 hours of paid sick leave benefits at the employee’s regular rate of pay for their own sickness or care related to COVID-19; or are paid two-thirds of their regular rate of pay to care for a family member or to care for a child whose school or place of care has closed due to the coronavirus.
- Emergency Paid Family Leave
- Full and part-time employees who have been employed for 30 days or more will be eligible for job protected leave for up to 12 weeks of qualifying family and medical leave for a broad range of COVID-19 related reasons. The first two weeks may be unpaid or paid using emergency paid sick leave. The remaining 10 weeks are paid at a rate of two-thirds of the employee’s regular rate of pay. This time can be used to care for a child whose school or place of care is closed due to the coronavirus.
- Tax Credits
- Like paid sick leave, employers can receive quarterly tax credits against the employers’ portion of Social Security taxes. The credit for paid leave is capped at $511 of eligible pay per employee, per day. Eligible employees include individuals who are self-quarantining, or those complying with a doctor’s recommendation. There is also a credit for family leave. Employers are entitled to a credit for qualified family leave wages, up to $200 per day for each individual and $10,000 total with respect to all calendar quarters.
- Unemployment Insurance
- The Act will provide $1 billion for emergency grants to states for activities related to processing and paying unemployment insurance benefits under certain conditions.
- Small Business Exemptions
- For businesses with less than 50 employees, they will be eligible for refundable tax credits. They can apply for an exemption from providing Emergency Paid Family Leave and Emergency Paid Sick Leave benefits, if it would jeopardize the viability of their business.
* This information is continually being updated, is not inclusive and is not intended to be, and should not be construed as, legal advice for any particular fact situation.
Support and Managing Your Remote Workforce
Compassion, Communication and collaboration take on new meaning.
Ongoing video calls between managers and their employees addressing new responsibilities, feedback, obstacles and the ability to course correct become even more impactful. Organizations tha previously engaged with a transparent culture, and continue in that vein, will have the added benefit of expedited realignment to our current work environment.
Conclusion
Increased remote work practices will likely remain, once we are past this unprecedented period in our history. Organizations that learn how to effectively operate within this framework will find an upper hand in the marketplace.
GROCO’s team is here to help guide, support and facilitate our clients through this challenging time and beyond.
We hope you found this article about Steph Curry, Undeniable Greatness in 3 Takes enjoyable. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Considerately yours,
GROCO, GROCO Tax, GROCO Technology, GROCO Advisory Services, GROCO Consulting Services, GROCO Relationship Services, GROCO Consulting/Advisory Services, GROCO Family Office Wealth, and GROCO Family Office Services.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO is a proud sponsor of the American Dreams Show.
First Half of Current Fiscal Year a Record-Breaker for U.S. Treasury
It’s been another record year for the federal government so far, which is in the midst of its current fiscal year. At the end of March, when the government reached its halfway point of the 2016 fiscal year, it had already collected $1.48 trillion. One might think that this massive haul would help ease the…
Why Is Almost Half the Country Paying no Federal Income Tax?
One of the biggest tax debates that will likely always exist is whether or not the nation’s wealthy are paying enough in taxes? It’s easy for some to argue that they don’t but there are many factors that must be considered. Plus, all the while, nearly half of the country’s would-be taxpayers don’t actually pay…
Where Is Your Paycheck Going?
While many of the nation’s high net-worth individuals make much of their income through capital gains, those who still collect a paycheck are doling out of cash to the IRS every time they get paid. The same is true for all taxpayers no matter what income level they fall in. In fact, according to a…
Should the IRS File Your Taxes for You?
Imagine a world where you didn’t have to file your own taxes. Of course, you can use an experienced and professional tax and accounting firm like GROCO to do your taxes for you, but what if you didn’t even have to send your tax return information to an accountant? Could that ever really happen? In…