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How Do I Return An Economic Impact Payment?

2020 – 06/03 Did you receive an Economic Impact Payment (EIP) that you need to return? EIPs are amounts sent by the IRS to eligible recipients to help defray the economic effects of COVID-19. With millions of EIPs sent, inevitably, some were sent in error to persons who are deceased or otherwise ineligible. These EIPs…

Does your company have an emergency succession plan?

2020 – 06/03 For business owners, succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition, and perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins until many minute details have been checked and rechecked. But it doesn’t always work out this…

PPP: Flexibility Act

On June 5, 2020, the President signed H.R. 7010, a bill entitled the Paycheck Protection Program Flexibility Act of 2020 (the PPPFA). The act amends several key provisions of the CARES Act that was passed in late March as a relief package in response to the COVID-19 pandemic.  The most significant provision of the CARES Act was…

FAQ: Net Operating Loss

2020 – 06/02 The IRS has issued FAQs for C corporations that are interested in carrying back net operating losses (NOLs) to years in which the alternative minimum tax (AMT) applies. The Coronavirus Aid, Relief and Economic Security (CARES) Act amended the tax code to provide for a carryback of any NOL arising in a…

IRS Deadlines Postponed

2020 – 06/01 The IRS has postponed deadlines for time-sensitive actions with respect to certain employment taxes, employee benefit plans, exempt organizations, IRAs, Health Savings Accounts (HSAs) and Coverdell education savings accounts due to the ongoing COVID-19 pandemic. Some of the tax deadlines extended to July 15, 2020, include employers correcting employment tax underpayments or…

PPP: Interim Final Rules

2020 – 05/27 Interim final rules on calculating loan forgiveness amounts under the Paycheck Protection Program (PPP) have been issued by the Small Business Administration (SBA). They generally mirror the PPP loan forgiveness application instructions the SBA published on May 15, 2020. Among other things, the rules confirm that an “alternative payroll covered period” may…

PPP: Flexibility Act of 2020

2020 – 06/01 The U.S. House has passed, by a vote of 417-1, the Paycheck Protection Program (PPP) Flexibility Act of 2020. The bill would provide more flexibility for participants in the PPP program, including allowing those participants to defer the payment of certain payroll taxes that the CARES Act prevented them from deferring. Highlights…

Businesses revise sales compensation models during pandemic

2020 – 05/27 Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the novel coronavirus (COVID-19) pandemic, businesses across a…

IRS releases 2021 amounts for Health Savings Accounts

2020 – 05/26 The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is…

Attuning your social media strategy to the pandemic

2020 – -5/20 Social media for business: Your time has come. That’s not to say it wasn’t important before but, during the novel coronavirus (COVID-19) pandemic, connecting with customers and prospects via a popular platform is essential to maintaining visibility, building goodwill and perhaps even generating a bit of revenue. What’s challenging is that the…

FAQ: Economic Impact Payment

2020 – 05/13 Taxpayers have many questions regarding Economic Impact Payments (EIPs) and the IRS is answering some of them in FAQs on its website. Specifically, individuals are wondering whether an EIP is considered taxable income. The IRS said it’s not, and taxpayers won’t owe tax on it. In addition, the payment won’t reduce taxpayers’…

FSA Carryover Amount

2020 – 05/14 The IRS has increased the health Flexible Spending Account (FSA) carryover amount. In Notice 2020-33, the IRS stated that the FSA carryover limit (currently fixed at $500) will now be indexed for inflation. For a plan year starting in 2020, the maximum unused amount that can be carried over to the next…

People First Initiative

2020 – 05/14 The IRS’s “People First Initiative” was set up to give taxpayers relief during the novel coronavirus (COVID-19) crisis. The relief (much of it previously announced) covers a variety of issues from easing payment guidelines to delaying compliance actions. It also involves extending many filing and payment deadlines to July 15. For example,…

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