The COVID-19 pandemic has created a great deal of emotional and financial stress. It has also generated a far higher demand for charitable action. If you can continue donating during this difficult period, the CARES Act offers some encouragement and relief to donors, whether you can give thousands or just a few bucks. Tax benefits […]
Giving to Your Favorite Charities in a Time of Crisis Read More »
Not surprisingly, due to coronavirus shutdowns and a delayed tax deadline, tax return processing was slower this year, which meant that tax refunds were paid out more slowly than usual. Due to this delay, the Treasury Department and the Internal Revenue Service are sending interest payments to about 13.9 million individual taxpayers who timely filed their
IRS Tax Refund Interest to be Paid to 13.9 Million Americans Read More »
As the pandemic, and its physical, mental and financial toll, continues to rage, business owners are continuing to look for ways to lessen the negative impacts on their companies and do what they can to keep employees at the same time. In an attempt to help, President Trump recently issued an executive order eliminating the
President Signs Executive Order Deferring Payroll Taxes Read More »
Because of this year’s pandemic-related economic slowdown, many businesses and individuals are looking for liquidity. Some have decided to raise cash by selling off real property such as land or a building. Finding a buyer may be easier with an installment sale. An installment sale occurs when you transfer property in exchange for a promissory
Attract Property Buyers by Offering Installment Sales Read More »
While the extended tax deadline just passed, it is time to start thinking about your mid-year tax planning. With new laws in place, there are opportunities in 2020 that we haven’t had before, along with time tested tax reduction strategies. Here are a few things to think about. Business Owners The deadline to apply for
2020 Mid-Year Tax Check-In Read More »
It has been difficult for many businesses to retain employees, if not impossible, this year. If your company has been able to keep all or some of its workers, you may be able to qualify for the payroll tax credit created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, known as the Employee Retention
You May Qualify for a Payroll Tax Credit Read More »
2020 has been one for the history books, and we are only halfway through it. In addition to the health concerns and political upheaval, the pandemic has spurred unprecedented economic challenges. Unfortunately, many dishonest individuals and organizations take this as an opportunity to prey on our anxieties. As the year rolls along, new and ever
Don’t Fall for Fraudulent Schemes Read More »
At Bailey Scarano, we have set high standards for all those that work with us, and we are thrilled when we find excellent candidates. Recently, we added three smart, likeable and hardworking team members and we’d like to tell you a bit about them… Deb Knudsen, CPA Deb is our newest tax accountant who works
Bailey Scarano Expands with 3 New Hires Read More »
While the deadline for applying for a Paycheck Protection Program loan was June 30, both the Senate and House have passed a five-week extension for those that have not yet applied. President Trump is expected to sign it today. With $129 billion remaining in PPP funding, the extension is intended to provide small businesses more
Another day, another change. On June 16, 2020, the SBA released a revised PPP Loan Forgiveness Application which replaces the one released on May 15, 2020. The new version integrates PPP changes made in H.R. 7010 (Paycheck Protection Flexibility Act) which was made law on June 5, 2020. This newer version, along with the release of the Revisions
PPP Loan Parameters and Application Updated by SBA Read More »
After quite a few revisions and much discussion, the Main Street Lending Program (MSLP) was officially launched by the Federal Reserve on June 15. Seen as an alternative to the PPP loan program, which is administered by the SBA, the MSLP was originally created to meet the needs of midsize to larger businesses. But now it
Main Street Lending Program Launched Read More »
When you sell real estate, a business interest, real estate or other highly appreciated property, you can get hit with a substantial capital gains tax bill. One way to lessen the burden — but only if you’re willing to tie up the funds long term — is to “roll over” the gain into a qualified
Roll Your Capital Gains into a Qualified Opportunity Fund Read More »