Coronavirus and Taxes: Frequently Asked Questions (FAQ)
The COVID-19 outbreak is affecting every facet of our lives – including our taxes. Check here for all your tax related FAQ to see how you may be impacted. Q1: Since...
13 April, 2020
Author: Don Breckenridge
3 Steps to Understanding Paycheck Protection Program (PPP) Loans
If you are a small to mid-size business owner with under 500 employees, it probably did not escape your attention that Friday April 3rd was the start date for applications...
09 April, 2020
Five-Year Carryback for Net Operating Losses Now Available
The December 2017 tax act (TCJA) eliminated NOL Carrybacks, and limited NOL Carryforwards to 80% of taxable income. The 2020 CARES Act temporarily eliminated these provisions and increased the previous...
09 April, 2020
COVID-19 Retirement Plan Changes
The last four months have been a tumultuous time for retirement plan distribution rules and in particular Required Minimum Distribution (RMD) rules. SECURE ACT CHANGES In late December 2019, long before Coronavirus...
09 April, 2020
CARES Act: Enhanced Unemployment Benefits, Self-Employed Now Qualify
The Coronavirus Aid, Relief, and Economic Security (CARES) Act enhanced standard Unemployment Benefits for those affected by COVID-19. It also created Unemployment opportunities for many who were traditionally not be...
08 April, 2020
Tax-Free Disaster Relief Payments for Employees
A Little Used IRS Code Section Applicable Now for Businesses! Internal Revenue Code Section 139 was initially created as a result of the 9/11 attacks. The intent was to allow employers...
07 April, 2020
Avoid COVID-19 Tax Scams
IR-2020-64, April 2, 2020The Internal Revenue provided the following advice to taxpayers on April 2, 2020: Be on the lookout for a surge of calls and email phishing attempts about...
02 April, 2020
Payroll Tax Deferral and Business Tax Credits
Payroll Tax Deferral for Employers The CARES Act economic stimulus package, passed on March 27, allows companies to defer paying their portion of Social Security payroll taxes (6.2%). Companies will still...
30 March, 2020