The Coronavirus (COVID-19) pandemic may pose a double whammy for seniors. The elderly are considered the most vulnerable population for medical complications associated with the virus. They’re also prime targets for COVID-19 scams. If you’re a senior — or have elderly relatives and friends — read and share the following information. This information was accurate as of 4/13/20.
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the Coronavirus (COVID-19) pandemic. This information was accurate as of 4/13/20.
By now, most employers have presumably read up on the basic tax relief and financial assistance aspects of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. What you may not have heard much about is how the law affects employer-sponsored benefit plans. Here are some highlights of its impact. This information was accurate as of 4/10/20.
To help taxpayers, the Department of Treasury and the Internal Revenue Service announced that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. This information was accurate as of 4/9/20.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief, notably the “economic impact payments” that will be made to people under a certain income threshold. The law also makes some changes to retirement plan rules and provides a new tax break for some people who contribute to charity. This information was accurate as of 4/07/20.
When life gives you lemons, make lemonade. The Coronavirus (COVID-19) outbreak is causing havoc in the global markets and the U.S. economy. However, there's an upside for long-term investors: Low market values may provide a tax-smart opportunity to convert your traditional IRA to a Roth IRA. Here are some factors to consider before you execute a Roth conversion in 2020. This information was accurate as of 4/06/20.
The Coronavirus (COVID-19) pandemic is causing economic hardship for many people and businesses in the United States. A key provision of the new law allows tax-favored treatment for people who take so-called Coronavirus-related distributions from tax-favored retirement accounts. Here's the story. This information was accurate as of 4/06/20.
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. For more details, click here. This information was accurate as of 4/06/20.
The U.S. Treasury Department has extended the April 15, 2020, federal gift tax filing and payment deadline to July 15, 2020 to provide relief for taxpayers adversely affected by the Coronavirus (COVID-19) pandemic. In case you missed this important update, click here. This information was accurate as of 4/02/20.
This article only explains some of the relief available to businesses. Additional relief is provided to individuals. Be aware that other rules and limits may apply to the tax breaks described here. Contact us if you have questions about your situation. This information was accurate as of 3/30/20.
Do you have questions regarding the new Paycheck Protection Program? This is a just a brief overview of one section of the CARES Act. We will continue to share additional details on other provisions of the CARES Act that are relevant to you and your business in the coming days and weeks. This information was accurate as of 3/29/20.
After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been reached on a massive stimulus bill to address the financial and health care crisis resulting from the Coronavirus (COVID-19) pandemic. We will share additional details on the provisions that are likely most relevant to you or your business in the coming days. This information was accurate as of 3/27/20.
Congress passed and the president signed into law the Families First Coronavirus Response Act on March 18. The law allows employees time to care for themselves or loved ones and includes provisions for new tax credits to offset employers’ costs. However, the immediate need to pay employees on leave may still be difficult for organizations struggling with revenue losses. This information was accurate as of 3/27/20.
If you have time to read about some non-medical, but important matters related to the health crisis, here is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain caused by COVID-19. This information was accurate as of 3/25/20.
Whether your not-for-profit is newly deluged with demand for services or you’ve closed doors temporarily, it’s important to keep up with legislation responding to the coronavirus (COVID-19) crisis. On March 18, the Families First Coronavirus Response Act was signed into law to provide American workers affected by the pandemic with extended sick and family leave benefits. This information was accurate as of 3/25/20.
Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the Coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources are limited. If this describes your company, click here to learn more. This information was accurate as of 3/25/20.
Businesses across the country are being affected by the Coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. Click here to learn more. This information was accurate as of 3/23/20.