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Hi ,

Summer is here. Many of your business environments and processes have been impacted by COVID-19. In this issue, we take a look at a few that should be in the forefront of your daily routines.

To start, we address OSHA and its many memorandums of record-keeping requirements. We'll look at the loan forgiveness trap. And we'll shed some light on the State Tax Nexus to finish out our issue.

1. OSHA’s Evolving Stance on COVID-19 Record-Keeping and Enforcement

The Occupational Safety and Health Administration (OSHA) has issued multiple enforcement memos regarding COVID-19 record-keeping requirements. Given the nature of the disease and ubiquity of community spread, however, in many instances it remains difficult to determine whether a COVID-19 illness is work-related.

2. IRS Folly – The Loan Forgiveness Trap

The IRS has transformed forgiveness from a non-taxable event into a taxable event. As such, the decision of WHEN to request forgiveness is a very important cash flow decision.

To read the full details and reasons to call your senators and representatives, click here.

3. Pay Attention to State Tax Nexus during COVID-19

“Nexus” is created when an out-of-state company has the requisite minimum contacts with the state that allows the state to tax that company’s income, require employee tax withholding or, in the case of sales and use tax, requires it to collect tax on sales made into that state.

Click here for more information and what items require special attention.

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