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AROUND THE REGION
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Back Cover Story: Possible Benefits of the CARES Act for Cannabis Employers

Continued from page 52

more than certain federal employment taxes owed. attributable to the eligible wages, but not to exceed the $5,000 limit per employee. If
An eligible employer is defined as one that was carrying on a trade or business the credit exceeds the tax amount due, the employer can file the IRS Form 7200 to
(including not for profit) during calendar year 2020 and is either of the following; request an Advance Payment of Employer Credits to receive a check for an advance.
1. The employer's business is fully or partially suspended by government order due A third benefit of the CARES Act for employers would be found in Section 2302
to COVID-19 during the calendar quarter. and that allows the delay of payment of employer payroll taxes. It is not all employer
2. The employer's gross receipts are below 50% of the comparable quarter in 2019. taxes, but just the employer share of OASDI, or Social Security tax. A business would
Once the employer's gross receipts go above 80% of a comparable quarter in 2019, be able to delay depositing this tax to the IRS through the remainder of 2020. Half of
they no longer qualify after the end of that quarter. the total amount undeposited by December 31, 2020 would become due on
Eligible wages that count towards the $10,000 can be broken down to whether the December 31, 2021, and the remainder would be due on December 31, 2022. This is
company has greater or less than 100 full-time employees during 2019. For employ- another Section that cannot be taken advantage of in conjunction with the PPP.
ers with more than 100 full-time employees during 2019, you can only count wages In summary, there are benefits and help out there for all businesses, even cannabis.
to employees that provided no services during the shutdown. In the case of employ- For assistance to all businesses, I have created paymaster.com/covid19 as a website of
ers with less than 100 full-time employees, wages count regardless of whether or not resources. The page is updated almost daily.
its employees are providing services.
The credit will also include the eligible employer's qualified health plan expenses Romeo Chicco, CPA, is President/CEO of PayMaster.

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