Every year, spring brings exciting changes to Albin, Randall & Bennett. Not only does it signify the end of tax season, but also the beginning of the annual Best Places to Work in Maine competition. Best Places to Work in Maine is a survey competition used to determine which participants are the best Maine employers,
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The Internal Revenue Service issued an official notice back in May, which allowed employers anticipating a refundable credit for qualified sick and family leave or for employee retention to reduce their employment tax deposits throughout the tax period up to the amount of the credit. Some employers, however, have recently received IRS notices stating they
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On August 8th, President Trump signed the Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster, which allows for the deferral of payment for certain employee payroll taxes. President Trump’s interest in payroll tax forgiveness, and even termination, isn’t new. But, in terms of using a payroll tax cut to ease
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The SBA recently issued Paycheck Protection Program Interim Final Rule – Treatment of Owners and Forgiveness of Certain Nonpayroll Costs. This PPP interim final rule supplements the previously posted interim final rules by providing additional guidance on treatment of owners and forgiveness of certain nonpayroll costs. Here are several key points stipulated by the Rule: Less
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The Maine Department of Economic & Community Development (DECD) stated that the State of Maine plans to utilize CARES Act relief funding to provide grants for Maine business and nonprofits that demonstrate a need for financial relief due to lost revenues or expenses due to the COVID-19 pandemic and related interruption of business operations. The
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