Twelve points Blog
Twelve Points Named #860 on Inc. 5000
When Inc. Magazine released this year’s Inc. 5000 list, our team was thrilled to see that we not only were on the list for the second year in a row, but we had risen by over 3,000 places!
CARES Act For Businesses, Sole Proprietors and Independent Contractors
Employers are able to postpone the amount of payroll tax they pay on employees’ salaries attributable for 2020. If elected, half of these taxes will be due 12/31/2021 and the remaining half by 12/31/2022.
Coronavirus Aid, Relief and Economic Security (CARES) Act Provisions
Financial support for individuals is available in a one-time check or direct deposit, which will be sent from the US Treasury. The full credit amount is $1,200 for individuals, $2,400 for couples and $500 for children under age 17.
Families First Coronavirus Response Act: Employee Paid Leave Rights
Paid sick leave and family leave is available to employees of small and mid-sized companies under 500 employees from 4/2/2020 to 12/31/2020. Under this plan, the company pays its employees and is reimbursed by the government in the form of a payroll tax credit.
Loans Permitted From Some Retirement Accounts
Early withdrawals, prior to age 59 ½, are permitted this year without the customary 10% penalty. Loans from certain retirement accounts are available for up to $100,000 or 100% of the vested interest in an account.
Market Outlook
First and foremost, I hope this note finds you, your families and loved ones healthy and well. These are trying times but we will get through this together. Social distancing is imperative right now, especially since it seems to be working.
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