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Resources

Feature Articles

  • 46th Annual Fairfax County Valor Awards
  • Accounting For Crypto Assets
  • Alabama Federal Judge Rules Corporate Transparency Act (CTA) Unconstitutional, Enforcement Halted
  • Megan McAtee Joins MillerMusmar CPAs as Audit Manager
  • Simplifying Depreciation Deductions for Business Vehicles in 2024
  • MillerMusmar CPAs Proudly Sponsors “Titans of the Toll Road: How Northern Virginia’s Space Economy is Transforming the Future” Event
  • Breaking: Temporary Suspension of CTA’s BOI Reporting Requirements
  • A Comprehensive Guide to Government Contract Accounting
  • Our New Secure Client Portal: CANOPY
  • BENEFICIAL OWNERSHIP REPORTING
  • MillerMusmar CPAs is proud to be Platinum Sponsor of Titans of the Toll Road
  • 45th Annual Valor Awards
  • Homebuilders Can Benefit from Expansion of Energy Efficient Home Credit
  • Six Steps to Banking Failure- Silicon Valley Bank (SVB) What You Should Do To Protect Your Money.
  • IRS Issues Standard Mileage Rates For 2023
  • SBA RULE MODIFCATIONS UPDATE GOVERNNING 8A FIRMS
  • Taxability of Lawsuit Settlements
  • INFLATION REDUCTION ACT HIGHLIGHTS
  • Under legislation enacted by the 2022 General Assembly Virginia established a new elective pass-through entity (“PTE”) tax.
  • Tax Law Changes effective 2022
  • SBA Issues Final Rule On Calculation Of Average Annual Receipts For The Purposes Of Certain Size Standards
  • IRS Suspends Several Automated Collection Notices
  • Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning
  • CHILD TAX CREDIT
  • SILVER MEDAL OF VALOR
  • Taxpayers can protect themselves from scammers by knowing how the IRS communicates
  • AASHTO Overhead Rate Audits
  • SBA raises EIDL loan limit to $500,000
  • IRS Announces New Extended Tax Deadline for Individuals
  • Maryland Extends State Income Tax Filing Deadline to July 15th
  • Business Education Series: PPP Round Two – What You Need to Know
  • SBA Issues Extensive Final Rule Revising Several Small Business Contracting Regulations
  • 2020 depreciation limits for cars and trucks are issued
  • IRS Won’t Extend Deadline Again! Tax Returns ARE Due by July 15
  • New Virginia Employment Law Update
  • IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns
  • Understanding the 2020 Coronavirus Relief Bill (the CARES Act)
  • FAQs About COBRA Insurance Coverage
  • Federal Income Tax Filing Date postponed to July 15
  • Attention Local Workers Whose Job Has Been Affected by the Coronavirus
  • Emergency Paid Sick Leave Act (EPSLA)
  • The Three Step Process: Disaster Loans
  • U.S. Postpones April 15 Tax Payments for 90 Days for Most Americans
  • NEW TAX DEADLINE IN THE WORKS
  • SBA’s NEW YEAR RESOLUTION ENFORCEMENT!
  • New Law Helps People Save For Retirement; Other Retroactive Changes Impact Many Taxpayers
  • IRS Increases Visits To High-Income Taxpayers Who Haven’t Filed Tax Returns
  • Guidance and Enforcement Put Virtual Currencies Front and Center
  • Proposed regs. Issued on Meal and Entertainment Expense Deductions
  • IRS Issues 2020 Standard Mileage Rates
  • Form 1040-SR: Seniors Get a New Simplified Tax Form for 2019
  • IRS willing to consider requests for relief from double taxation related to repatriation
  • IRS Lowers Mileage Rates for 2020 Deductible Vehicle Use
  • Jan. 31 filing deadline remains for employer wage statements, independent contractor forms
  • IRS: Eligible employees can use tax-free dollars for medical expenses
  • Overview VA SIT update
  • IRS Advises Taxpayers To Be On The Lookout For New SSN Scam
  • IRS Provides Guidance on Paying Repatriation Tax
  • Fundamentals of Government Cost Accounting
  • MillerMusmar’s 10th Consecutive Year as a Pinnacle Sponsor of the Taste of Reston.
  • 2018 YEAR-END TAX PLANNING FOR INDIVIDUALS
  • Foreign Financial Asset Reporting Guidance Matrix Form 8938 and/or FBAR for Filings
  • Certain Fringe Benefits Provided by Not-for-Profits May Be Considered Taxable Income

Newsletters

Our regularly updated newsletter provides timely articles to help you achieve your financial goals.

Emergency Paid Sick Leave Act (EPSLA)

Emergency FMLA

The FMLA has been temporarily expanded for employers with fewer than 500 employees to allow eligible employees up to 10 weeks of paid FMLA leave with a 10-day “waiting period” if they are unable to work or telework as a result of caring for a child whose school is closed or whose childcare provider is unavailable due to COVID-19. 

During the 10-day waiting period, the employee is permitted to receive accrued sick or other leave, including the paid sick leave provided under this legislation. The 10 weeks of leave will be paid at two-thirds the employee’s regular rate of compensation for the employee’s expected hours, capped at a maximum payment of $200/day and a total payment of $10,000.

Emergency Paid Sick Leave

The Emergency Paid Sick Leave Act requires private employers with fewer than 500 employees and governments with at least one employee to provide paid sick leave to any employee unable to work or telework if the employee:

  • Is subject to federal, state, or local quarantine or isolation related to COVID-19;
  • Is self-quarantined as advised by a healthcare provider because of COVID-19 related concerns;
  • Has COVID-19 symptoms and is awaiting medical diagnosis;
  • Is caring for a child at home because a school or childcare facility is closed or a childcare provider is unavailable due to COVID-19;
  • Is caring for an individual that is under federal, state, or local quarantine related to COVID-19 or self-quarantined as advised by a healthcare provider because of COVID-19 symptoms; or,
  • Has other symptoms outlined by the Secretary of Health and Human Services, in consultation with the Department of the Treasury and the Department of Labor.

Eligible full-time employees who are quarantined, self-quarantined or experiencing symptoms and seeking a diagnosis are entitled to 80 hours at their regular rate of pay. If the employee is caring for a family member, they are paid two-thirds their regular rate of pay. Eligible part-time employees are entitled to the equivalent rate of pay for an average number of hours during a two-week period. Payments are limited to $511/day and $5,110 in total for quarantine, self-quarantine and those experiencing symptoms and awaiting diagnosis, and $200/day and $2,000 total for caring for others. An employer may not require an employee to use available sick leave before these payments are made.

By March 25, 2020, the Department of Labor is required to issue a model notice for employers to post in a conspicuous place informing employees of this paid sick leave.

Employment Tax Credits

Employers (other than governments) providing emergency FMLA or paid sick leave under the Emergency Paid Sick Leave Act are entitled to refundable employment tax credits equal to 100 percent of these wages paid. Additional credits apply for employer payments of health care expenses for these individuals during this time and employer Medicare taxes paid on such amounts. These payments to individuals are not subject to the employer share of FICA and Medicare. The employer share of FICA and Medicare tax deposits can be reduced by these credits without fear of the failure to deposit penalty applying. Amounts for which the credit is claimed are nondeductible.

Self-employed individuals are entitled to a tax credit for income and self-employment taxes paid for an amount equal to equivalent family medical or sick leave if they would be entitled to amounts as an employee. The equivalent amount is determined based on an individual’s wages for self-employment purposes, but in no event will the amount be greater than what the individual would have been entitled to as an employee. This credit can be claimed by reducing estimated tax payments. The maximum amount of credit for self-employed persons is reduced by any such payments paid by an employer to the self-employed person.

What Should Employers Do Now?

COVID-19 testing in all group health plans

  • All employers should contact their carriers or TPAs to immediately implement coverage of COVID-19 testing with no cost-sharing, no prior authorization requirement, and no medical management requirements.
  • Understand the extent to which plans must cover other items and services furnished related to COVID-19 testing.

Emergency FMLA

  • Review and modify FMLA documentation to reflect temporary FFCRA requirements.
  • Work with the FMLA administration vendor to coordinate compliance with the FFCRA.
  • Communicate to employees the new FMLA benefits for COVID-19 related leaves.
  • Work with payroll department or vendor to establish procedures for calculating and paying out paid leave after first two weeks.

Emergency Paid Sick Leave

  • Work with a leave administration vendor to coordinate compliance with FFCRA.
  • Obtain the DOL model notice (when available) and post, as appropriate.
  • Communicate with and educate employees on eligibility for paid sick leave.
  • Work with the payroll department or vendor to establish procedures for calculating and paying out paid sick leave.

Employment tax credits

  • Work with the payroll department or vendor to track payments under expanded FMLA or paid sick leave.
  • Work with the third-party payroll tax vendor to calculate and claim tax credits through tax deposits and payroll tax filings.

Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended or written by the practitioner to be used and cannot be used by the taxpayer for the purpose of avoiding penalties.

MillerMusmar CPAs is an established accounting firm with offices in Reston, and Virginia. We have a twenty-five year history of providing top quality auditing, tax, and accounting services to clients throughout the Washington Metropolitan area and internationally. By combining the expertise of a mid-sized firm with the personal attention, we are both large and small enough to deliver the responsive service to our clients. For more information, please visit our website at www.MillerMusmar.com.

 

Please feel free to contact us to discuss how we can work with you to achieve your goals.
MillerMusmar is committed to the professional standards of
competence, objectivity, and care with every service provided.
Reston, VA Office

MillerMusmar CPAs
2100 Reston Parkway Suite 400
Reston VA 20191
Phone: +1-703-437-8877
Fax: 703-437-8937
info@millermusmar.com

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