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COVID-19 Updates

Please feel free to contact us at one of the following numbers to help you find the best pathway forward with COVID-19's updates.

  • Cody Office (Keven Buss, CPA & Tim Poley, CPA):  307-527-6161
  • Powell Office (Reanne Wolff, CPA):  307-754-1010
  • Worland Office (Gary Wantulok, CPA):  307-347-4555

 

With the announcement that the April 15th tax filing deadline has now been extended to July 15th, 2020, we here at SBW & Associates wanted to let you know how we are planning to approach the new deadline.

• We are diligently continuing to complete business and personal tax returns to ensure refunds that are due to our clients are in their hands as quickly as possible.

• We will be working closely with our business and self-employed clients to help them understand the obligations to their employees, as well as, understanding the emergency legislation and how it impacts their business.

• We will be consulting with our clients regarding their cash flow and capital needs.


Highlights of the Coronavirus Aid, Relief, and Economic Security (CARES) Act

With recent passage of the CARES Act and its far-reaching impact, we wanted to communicate a concise, bullet-point list to all of our clients of the major components of this Act. Please review the below and contact us with questions as many aspects of the Act are determined on a case-by-case basis.

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Quick Facts about FFCRA and the Emergency Paid Sick Leave Act

The effective date of the Families First Coronavirus Response Act (FFCRA), which includes the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act is April 1st.

The FFCRA’s paid leave provisions are effective on April 1, 2020, and apply to leave taken between April 1, 2020, and December 31, 2020.

Workers who are independent contractors under the Fair Labor Standards Act (FLSA), rather than employees, are not considered employees for purposes of the 500-employee threshold.

You should not send any materials to the Department of Labor when seeking a small business exemption for paid sick leave and expanded family and medical leave.

Such a part-time employee may take paid sick leave for this number of hours per day for up to a two-week period, and may take expanded family and medical leave for the same number of hours per day up to ten weeks after that.

In any event, the total number of hours paid under the Emergency Paid Sick Leave Act is capped at 80.

If you are paid with commissions, tips, or piece rates, these wages will be incorporated into the above calculation.

Can my employer deny me paid sick leave if my employer gave me paid leave for a reason identified in the Emergency Paid Sick Leave Act prior to the Act going into effect? No. The Emergency Paid Sick Leave Act imposes a new leave requirement on employers that is effective beginning on April 1, 2020.

Are the paid sick leave and expanded family and medical leave requirements retroactive? No.

Other Documentation:

PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET

Coronavirus relief bill contains tax credits for employers - Journal of Accountancy

Families First Coronavirus Response Act_Employer Paid Leave Requirements

U.S. Department of Labor Families First Coronavirus Response Act_ Questions and Answers

USDEPA - Paid Leave for Workers & Tax Credits