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Ready to put our adaptation and recovery expertise to work for you? To tap into our help in areas like business sustainability, cashflow forecasting, workforce planning and management and more, please contact your RKL advisor.
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Join the RKL team on Wednesday, March 24 at 10 a.m. for an overview of how the ARPA offers economic relief to individuals and businesses in the form of federal unemployment insurance expansions, direct stimulus payments and expanded tax credits. RKL advisors Eric Wenger, Tricia Richardson and Ruthann Woll will walk you through the major provisions of ARPA, answer the most commonly asked questions surrounding this stimulus package and provide their insight on the anticipated tax increases on the horizon.
Yes, per the final bill, the following are employer taxes are included: Section 3111(a) – 6.2% employer portion of social security tax, Section 3221(a) – Railroad retirement payroll taxes, Section 3111(b) – 1.45% Employer portion of Medicare tax.
The legislation is not retroactive. The provisions will apply on April 1 and they will expire on December 31, 2020.
Currently, they are not considered excluded for purposes of qualified employees. The bill does have a section that allows the Secretary of Labor the authority to issue regulations that would exclude this group, however, no such regulations have been issued at this time. Additionally, if regulations are passed, they would allow the employer to elect out, it would not be an automatically exclusion.