Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act due to the COVID-19 outbreak, the U.S. Treasury Department and Internal Revenue Service (IRS) have extended the April 15, 2020, individual federal tax filing deadline to July 15, 2020. Individual taxpayers may also defer payment of up to $1 million of federal income tax due on April 15, 2020, until July 15, 2020 as well, without penalties or interest. As most household employers report and pay their federal Nanny Taxes by completing Schedule H and attaching it to your Form 1040, this action effectively gives domestic employers of nannies, [...]
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Lack of Minimum Wage Movement The federal minimum hourly wage of $7.25 was last changed in 2009, but some states and cities have established their own wage and benefit requirements in the absence of federal action. The establishment of city and county minimum wage requirements have led some states to try to curtail those local requirements to avoid a patchwork of requirements across the same state. The first $15 statewide hourly minimum wages were signed into law earlier this month by California and New York, but increase the hourly rate gradually over the next few years to $15. Several California [...]