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SBA reopens EIDL program to small businesses and nonprofits

2020 – 06/24 Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 pandemic. The EIDL program offers long-term, low-interest loans to small businesses and nonprofits. If your company hasn’t…

PPP Loan: Simplified Forms

2020 – 06/19 The Small Business Administration (SBA) continues to help businesses recover from the effects of the COVID-19 crisis. Taxpayers can apply for SBA loans through the Paycheck Protection Program (PPP) and, if they meet certain criteria, receive loan forgiveness. Subsequent legislation eased the criteria, giving borrowers more time to use the proceeds and…

Myths About Taxes

2020 – 06/19 Will myths about taxes never end? Each year, the IRS combats misinformation, mostly related to tax refunds. Here are some myths currently in play: Getting a refund on your 2019 return means you don’t need to adjust your 2020 withholding. That’s not always true, so the IRS urges taxpayers to check and…

Missing Economic Impact Payment

2020 – 06/18 What can you do if you learn that the IRS mailed your Economic Impact Payment (EIP) weeks ago but you never got it? If you haven’t received your EIP within 14 days of the payment date, the IRS says you should check its “Get My Payment” tool (https://bit.ly/3fuzSby  ) periodically. If it…

The CARES Act: At-Home Health Care Services

2020 – 06/18 The IRS reminds taxpayers that the CARES Act may help people needing at-home health care services during the COVID-19 crisis. It allows a high-deductible health plan (HDHP) to temporarily cover telehealth and other remote care services without a deductible, or with a deductible below the required minimum. These services also are temporarily…

Launching a business? How to treat start-up expenses on your tax return

2020 – 06/22 While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently…

Re-evaluate your company’s competitiveness in a changed economy

2020 – 06/17 Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 pandemic has changed the economy in profound ways, forcing many companies to recalibrate suddenly and severely. As your business moves forward in this uncertain environment, it’s important to re-evaluate competitiveness….

Are you eligible for an Employee Retention Credit?

2020 – 06/16 Valuable tax credits are available to employers to help mitigate the effects of the COVID-19 pandemic. But amid the chaos of the last few months, it may be hard to navigate the details of how to qualify for the credits. To help, the IRS has created a flowchart that explains the details…

Like-Kind Exchanges

2020 – 06/12 Proposed IRS regulations define real property for Section 1031 like-kind exchanges. Under the Tax Cuts and Jobs Act, Sec. 1031 like-kind exchange rules are limited to exchanges of real property completed after Dec. 31, 2017. The proposed regs reflect this change by amending the existing regs to add a definition of real…

Tax Credits and Qualified Persons?

2020 – 06/11 Childcare and adult dependent care can be expensive. That’s especially true for essential workers with dependents, now that schools and many traditional care services are closed during the COVID-19 crisis. The IRS is reminding taxpayers that they may be able to claim a valuable tax credit if they pay for care for…

Estimated Tax Payments Due

2020 – 06/10 Reminder: The extended deadline for paying estimated taxes is about a month away. If you pay estimated taxes, be aware that the first and second quarter payments for tax year 2020, which were originally due April 15 and June 15, are now due July 15. Individuals and corporations that make quarterly estimated…

Tax Relief for Qualified Opportunity Funds

2020 – 06/08 The IRS is providing COVID-19-related tax relief for Qualified Opportunity Funds (QOFs) and their investors. In Notice 2020-39, the IRS specifies that if an investor’s 180th day to invest in a QOF would have fallen on or after April 1, 2020, and before Dec. 31, 2020, he or she now has until…

Taxpayers Who Live and Work Abroad

2020 – 06/03 American taxpayers who live and work abroad have extra time to file and pay their 2019 federal income tax. The usual deadline is June 15, but due to the COVID-19 pandemic, this date has been postponed to July 15, 2020. This relief also applies to nonresident aliens and foreign entities with a…

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