August 20, 2020 | Vol. 70, No. 17
Dear PEI Member:
After Congress failed earlier this month to agree on new COVID-19 relief legislation, President Trump stepped in with executive actions on student loan relief, homeowner and renter assistance, lost wage replacement, and payroll tax deferrals.
The payroll tax deferral program will affect nearly every PEI member company and many employees in the fuel-handling equipment industry. Under the Aug. 8 action, employees earning less than $4,000 in a biweekly pay period (a $104,000 annualized salary) may defer their portion of federal payroll taxes from Sept. 1 through Dec. 31. The order also directs the Secretary of the Treasury to “explore avenues” for forgiving the deferred taxes.
Although that seems simple enough, the American Institute of Certified Public Accountants (AICPA) on Aug. 12 released serious questions that must be answered to clarify the order’s meaning, define its scope, and instruct employers and employees on their responsibilities:
The Treasury Department is expected to issue guidance soon on these questions and others. PEI employers should review the details with their tax advisors and carefully follow all the requirements to avoid adding payroll tax violations to 2020’s already long list of business challenges.
by e-mail to the editor, Rick Long at email@example.com
PEI VIRTUAL CONVENTION & EXPO UPDATES
Registration. The $125 registration fee gives each attendee live and on-demand access to all keynote addresses, education sessions, networking functions and contests. During and after the three-day event, attendees also will have plenty of time to watch demos, download resources and interact with PEI Priority Club members and other exhibitors in the virtual expo. Register here.
Las Vegas Attendees Save $25. Members and friends who preregistered for the October PEI Convention at the NACS Show automatically save $25 when they register for the virtual convention by Sept. 7. See refund and registration instructions for Las Vegas attendees.
Sponsorships. Going virtual means more people can attend this year … and all those extra eyes will be focused on PEI Virtual Convention & Expo sponsors. Boost your visibility by connecting your brand to education sessions, networking lounges, targeted emails, welcome materials, trivia contests, games and other high-ROI options. For sponsorship information, email Tom Leibrandt at firstname.lastname@example.org.
Expo Exhibitors. Three booth levels will provide expo exhibitors with a virtual presence that meets their goals and fits their budget. To request an exhibitor prospectus, contact Tom Leibrandt at email@example.com.
PEI will announce more details on the 2020 PEI Virtual Convention & Expo next week.
In a controlled experiment, British research firm Cyber R&D obtained EMV (chip) cards from 11 U.S. and European banks. Despite the secure chip technology, Cyber R&D was able to copy cardholder data from the magnetic stripes on four cards and clone new, magnetic stripe-only cards.
Even more telling, security firm Genesis Advisory reported July 30 that thousands of fraudulent cards from large-scale marketplace “EMV-bypass-cloning” were sold on the dark web earlier this year. Key Food Stores Co-Operative Inc., one of the retailers targeted in the scam, confirmed its customers’ compromised cards had been processed with EMV technology, not with the cards’ backup magnetic stripes. Given the scale of the attack, the Genesis report speculates that hackers accessed the store’s EMV point-of-sale terminals remotely.
The Gemini report concludes: “EMV technology may have changed the underground market for CP [customer present] records, but EMV-Bypass Cloning has opened the door for cybercriminals to sidestep the central security features of EMV chips and channel a new source of CP cards back into the underground CP market.”
PEI BOARD RUNOFF ELECTIONS COMPLETED
Dubas, Kiefer, Thomas and four directors elected in July (see July 22 TulsaLetter) will join seven incumbents on the 2020-2021 PEI Board of Directors. The new directors will be installed during the association's annual membership meeting at the 2020 PEI Virtual Convention & Expo.
COSTA RICA WEBINAR
Cruz will discuss PEI’s mission, products, services and goals for Latin America. Jose Gabriel Fonseca, CEO of Costa Rica-based Fommor SA and a PEI Ambassador, also will share a personal testimonial on how PEI membership benefits him and his company.
If you are interested in attending (or if you know of other companies that could benefit), email Liliana Cruz at firstname.lastname@example.org.
Matrix Capital Markets Group Inc. made four personnel moves:
Matrix Capital Markets Group Inc. advised Midwestern Propane Gas Co. on the sale of its propane distribution business to ThompsonGas, LLC. Midwestern Propane serves some 5,000 residential and commercial customers in Illinois and Missouri.
Newberry Tanks and Equipment LLC named Matt Kohnke president and chief operating officer. Kohnke has 17 years of executive experience with manufacturing and distribution companies, most recently as chief financial officer of Freight Car America.
Sound Payments will partner with National Retail Solutions (NRS), a subsidiary of publicly traded IDT Corp., to develop an EMV retrofit solution for automated fuel dispensers.
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The TulsaLetter is published two or three times each month by the Petroleum Equipment Institute. Richard C. Long, Editor. Opinions expressed are the opinions of the Editor.