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Economic Impact Payments: What You Need to Know

2020 – 04-03 It’s no secret that, in coming weeks, the U.S. Treasury Dept. and the IRS will be sending out cash payments to eligible people to ease the economic impact of the coronavirus (COVID-19). Yet, confusion remains. In a press release, the agencies announced that Social Security (SS) beneficiaries (who don’t exceed income limits)…

More Updates: Paycheck Protection Program Loan Information 4-3-2020

On Thursday April 2, 2020 there was more breaking news regarding the Paycheck Protection Program (PPP)Loans.   Final Borrower Applications The SBA and US Department of the Treasury released a Final Borrower Application.   Loan Amount: The application now includes the Average Monthly Payroll + EIDL Net of Advance (if Applicable) = Loan Request.   There is additional new language and questions…

Important Updates to Paycheck Protection Program (PPP) Loans

2020 -04/01 The Treasury Department and the SBA continue to release new and important information regarding the Paycheck Protection Program (PPP) loans. The Treasury Department has released two important resource guides: Top-line overview of the program Click Here Paycheck Protection Program (PPP) Information Sheet for Borrowers Click Here Sample Loan Application Click Here Link to…

Paycheck Protection Program (PPP) Loan Information

2020 – 03/31 Earlier today, the U.S. Small Business Administration released information regarding the Paycheck Protection Program (PPP). The Paycheck Protection Program (PPP) authorizes up to $349 billion in forgivable loans that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Information regarding these loans has been highly anticipated since the passage of the…

FAQ: Tax Filing and Payment Deadline

2020 – 03/27 The IRS recently released answers to some commonly asked questions about the tax relief provisions designed to help taxpayers and investors dealing with economic fallout from the COVID-19 pandemic. The primary benefit of this relief is an extension of time to file and pay your taxes. Specifically, what would have been due on…

The CARES Act: Rebates

2020 -3/30 On March 27, President Trump signed another coronavirus (COVID-19) relief law titled the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Among other things, the CARES Act provides recovery rebates of up to $1,200 for singles and $2,400 for married couples filing jointly (plus $500 per qualifying child) subject to income-based phaseouts….

The CARES Act: High Deductible Health Plans

2020 – 03/31 The new coronavirus (COVID-19) relief law, known as the CARES Act, includes benefits for certain health plans. For plan years beginning before 2021, high deductible health plans (HDHPs) can now pay for telehealth or telemedicine visits and other remote services for COVID-19 related testing and treatment without regard to the annual deductible…

The CARES Act: Business Survival

2020 – 03/30 Businesses will benefit in several ways from the CARES Act, which was signed into law by President Trump on March 27. Provisions to help businesses survive during the coronavirus (COVID-19) pandemic include a new employee retention tax credit; deferral of the employer portion of payments of certain payroll taxes; a modification of…

The CARES Act: Charitable Tax Deduction

2020 – 03/30 The CARES Act, which was signed into law on March 27, authorizes a $300 “above-the line” charitable tax deduction for individuals who don’t itemize. This will give a slight boost to taxpayers who donate to charity and the charities they donate to. The new law adds the deduction for tax years starting…

Empowerment Zone Rules

2020 – 03/27 The IRS has provided guidance on how taxpayers can report the election to roll over gains from the sale of empowerment zone assets in 2018. The empowerment zone rules were retroactively extended through Dec. 31, 2020. Businesses and individual residents within such a zone are eligible for tax incentives. One incentive is…

The CARES Act: Helping Businesses Survive

2020 – 03/27 As many Americans are forced to stay home to help stop the spread of the coronavirus (COVID-19), businesses are losing revenue and having to lay off employees. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes provisions to help businesses survive, including a new employee retention tax credit; deferral of…

The CARES Act

2020 – 03/26 Late on March 25, the U.S. Senate passed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) by a vote of 96-0. The bill, which provides $2 trillion in coronavirus (COVID-19) relief, will now move to the U.S. House of Representatives for consideration. The House is expected to vote on…

SBA offering loans to small businesses hit hard by COVID-19

2020 – 03/25 Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is…

IRS YouTube Channel

2020 – 03/20 Did you know that the IRS has its own YouTube channel? From the safety of your home, you can watch a number of short videos that answer common taxpayer questions. Topics include tips for first-time filers, what to do if you don’t receive a Form W-2 and more. The channel includes videos…

Who Can Take Advantage of the Tax Payment Deferment?

2020 – 03/23 Taxpayers now have an extension of time to make certain tax payments, regardless of the amount, the IRS announced March 21. The federal income tax filing due date has automatically been extended for 3 months due to the coronavirus (COVID-19) pandemic. Taxpayers can defer federal income tax payments and estimated tax payments…

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