With so many things going on in the world at this time, it is easy to get distracted and fall for scams and fraud. Those with nefarious goals are using deceitful emails, text messages and phone scams to steal tax refunds, PPP loan funds, and government stimulus checks – along with lots of other money […]
Don’t Fall for Fraud Read More »
Every year, our tax returns give us a look into how much we should have withheld from our paychecks and how well we planned (or attempted to). While big tax refunds are nice, it shouldn’t necessarily be the goal since it really means you are giving the government an interest-free loan. Here’s how and why
It is Time to Check Your Withholding Read More »
Generally withdrawing retirement account funds can be an expensive endeavor due to the taxes you have to pay on the transaction. However, a provision of the CARES Act allows tax-favored treatment for retirement account distributions in certain situations in an attempt to alleviate some of the economic hardship many Americans are experiencing as a result
Retirement Plan Withdrawals Can Be Less Taxing Read More »
The Coronavirus Aid, Relief and Economic Security (CARES) Act created a number of relief vehicles to help business remain afloat. One that is not covered as much as some of the others is a new federal income tax credit to allow employers to keep paying their workers. The credit equals 50% of eligible employee wages
Retention Tax Credit Brings Financial Relief for Employers Read More »
Over the weekend, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application. If you have received a PPP Loan, this document provides detailed directions on how to complete the form that you will eventually have to give your lender to be considered for full or partial forgiveness. While this form doesn’t
PPP Forgiveness Application Released But Expect More Changes Soon Read More »
As businesses are starting to receive their Paycheck Protection Program (PPP) loans, the concern moves from whether business owners will receive the assistance to what, and how, to collect the needed documentation to receive the maximum loan forgiveness. On May 13, the U.S. Small Business Administration, the organization funding these loans, issued a document containing answers
SBA Releases New Guidance on PPP Loan Forgiveness Read More »
Are you a recipient of a Paycheck Protection Program (PPP) loan? While there have been some hiccups in the program’s rollout, we are hearing that more and more people are finally receiving the funds that they applied for back in March or April. Now that you have the funds, or when they finally arrive, keep in
PPP Loan Forgiveness and Tax Implications Read More »
The IRS recently announced a series of steps to ease the burden for people who owe taxes in the wake of the COVID-19 emergency. Here are some of the highlights of the “IRS People First Initiative:” Installment Agreements. For taxpayers with existing agreements with the IRS, payments due between April 1 and July 15, 2020 are
IRS Works to Ease Tax Burden Read More »
We have been doing our best to keep you up-to-date on everything going on in relation to COVID-19 and its impact on businesses and taxes. As we start hearing rumblings of things starting to slowly reopen, we wanted to make sure you had the latest information with which to make decisions. Paycheck Protection Program (PPP)
Recent Developments and Observations Read More »
The impacts of the COVID-10 pandemic will be felt for years. Employers and employees are both looking for ways to deal with and reposed to the financial stress caused by the cononavirus-induced economic slowdown and market volatility. If your company’s revenue has plummeted, you have to make some difficult financial decisions, including the possibility of eliminating
Keep Calm but Know the Options About 401(k) Contributions Read More »
We’d all be pulling our hair out if we looked at the status of our investment every day. One day we are up; the next we are down. As employers, you should steer clear of offering investment advice to your employees, but you can steer them toward helpful guidance from authoritative sources. One of the
Viewing Current Market Trends through a Historical Lens Read More »
After some confusion and patchwork extensions, the IRS issued Notice 2020-23 which provided a somewhat blanket extension for most income tax returns. Basically, any federal returns typically due between April 1 and July 15 are extended until July 15, 2020 without any need for an official extension or late payment penalty. The filings covered is too long to list
Tax Deadlines Further Extended Read More »