SIMA Login Center
SIMA
Copyright 2018 SIMA Financial Group.
All Rights Reserved.
 

Uncategorized

SIMA Financial Group > Uncategorized

May 15th Client Call – Financial and Legal Perspective as Virginia Returns to Work

SIMA founder and CEO Mark Jones was joined by John Selbach, Esq. and Betsy Davis, Esq., both of Whiteford, Taylor, & Preston to discuss employer impacts as Virginia looks toward returning to work.  If you missed it, be sure to catch the replay here.  John, Betsy and Mark all welcome your questions as they enable their teams to know how best to research issues facing businesses and employers.  Please don't hesitate to send them to Kerri.White@simafinancialgroup.com.  Kerri will compile all questions for the team. SIMA is grateful for the partnership Whiteford, Taylor & Preston have provided as we grapple with the consequences of...

Continue reading

Mid-Year Elections Permitted to Change Health Plan Enrollment or FSA Contributions

In response to the COVID-19 pandemic, the IRS has relaxed the irrevocable election rule and strict list of permitted election change events normally accompanying a Section 125 plan, which are required when a group takes employee pretax contributions for health care or provides an employee cash option.  The new guidance allows employees to make five additional prospective mid-year election changes during the 2020 calendar year. 1.    Mid-Year Health Plan Enrollment for Waived Employees Employers may amend their Section 125 cafeteria plan to allow employees who originally waived health plan coverage to make a new election, in calendar year 2020, for employer-sponsored health...

Continue reading

Repayment Extension Granted by the SBA

Question: FAQ #31 reminded borrowers to review carefully the required certification on the Borrower Application Form that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020 and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith. Is it possible for a borrower to obtain an extension of the May 7, 2020 repayment date? Answer: SBA is extending the repayment date for...

Continue reading

Navigating Unemployment Claims Due to Office Closures Related to the Coronavirus

Per the Virginia Employment Commission: "If you are a worker who has been totally or partially separated from your job due to Coronavirus, please note that no claim for unemployment insurance may be filed or processed until an actual lay off from employment has occurred, or until there has been an actual reduction in hours. When filing your claim for unemployment benefits, please be sure to check the reason for separation as Lack of Work/Lay off.  If you will be filing because of a reduction in hours, you will not receive benefits unless your gross earnings are less than your weekly...

Continue reading

It’s Time! Tax Deadlines Looming!

2019 Tax Return Due Dates for Business Types Sole proprietorship and single-member LLC tax returns on Schedule C (with the owner's personal tax return): April 15, 2020. Partnership returns file a partnership tax return on Form 1065 with Schedule K-1 for each partner: March 16, 2020. Multiple-member LLC returns filing as partnerships file on Form 1065 for the partnership and give Schedule K-1 to each member: March 15, 2020. S corporation returns must be filed on Form 1120 S with Schedule K-1 for each member: March 15, 2020. For corporations (not S corporations) with a fiscal year endings other than...

Continue reading