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.
If You’re Using Airbnb for Some Extra Cash Don’t Forget About Taxes
Have you heard about the latest craze in hospitality? It’s the idea of renting out your home for a night or two, or perhaps even slightly longer, to someone looking for a place to stay other than a hotel. The leader in the industry is Airbnb, which works much like Uber, the personal cab driver…
If You’re Going to Argue About Taxes Your Argument Better Be Good
Lets face it a lot of taxpayers make mistakes on their tax returns. It’s also true that there are plenty of other taxpayers that willfully falsify their returns in order to save on their total tax bill. Some people even go as far as to simply skip out on filing a return all together. You…
Another Tax Scam Is Upon Us – Beware of Back Taxes Bullies
No one likes a bully. Bullies can wreck havoc on their victims. From swirlies to stealing lunch money, bullies are a big problem. The same can be said for tax bullies, except they want to steal a lot more than your lunch money. There have been several recent reports from different locations around the country…
Consider Taxes and Choose Your Retirement Location Carefully
Last week we discussed the best and worst states to retire in when it comes to taxes. So what kinds of factors actually play a role in coming up with those numbers? Choosing a place to call home when you retire is important and there are many factors that can play a role in where…