What’s in the Covid relief bill: PPP Provisions
The latest Covid-19 relief bill, the Consolidated Appropriations Act of 2021, provides more funding for new Paycheck Protection Program loans, simplifies the forgiveness application process and allows tax deductibility for business expenses paid with forgiven PPP loans, among other provisions. Included in the $900 billion Covid relief bill is $325 billion in aid for small […]
IRS: Employers to repay deferred payroll tax
The IRS issued guidance at the end of August regarding deferral of the employee’s portion of Social Security tax as described in President Trump’s August 8 Presidential Memorandum. The Presidential Memorandum deferred the employee’s portion of Social Security taxes from September 1, 2020, through December 31, 2020. The president’s move was made in reaction to the ongoing coronavirus […]
Congress passes Paycheck Protection Flexibility Act
Changes are now underway for the Paycheck Protection Program, altering criteria for business owners to be eligible for loan forgiveness. The Paycheck Protection Flexibility Act makes a number of retroactive improvements to the PPP forgiveness criteria, including extending the time borrowers have to spend the funds, increasing the percentage of loan funds allowed to be […]
Tax filing deadline extended until July 15
President Trump announced today that the April 15 individual tax filing deadlines will be extended until July 15 in light of the disruption from the coronavirus pandemic. Earlier this week, Treasury Secretary Steven Mnuchin announced the tax payment deadline would be extended 90 days. Now, as a result of this most recent news, both the tax […]
Families First Coronavirus Response Act provides paid sick and family leave, employer tax credits
President Trump signed today the Families First Coronavirus Response Act (H.R. 6201) to provide affected individuals with paid sick and family leave and create tax credits for affected employers, expand food and nutrition services, allow for emergency state unemployment insurance grants, and increase Medicaid funding to states, among other things. The leave provisions go into […]
Beware of audit if you plan to move to a lower-tax state
If you’re thinking about moving to a place with nice weather and a nicer environment for taxes, you’re not alone – and one of the people who may be following you is an auditor. More and more Americans are moving to states that have more favorable tax laws, a trend that seems to have picked […]
SECURE Act brings changes to retirement plans, kiddie tax and more
Congress recently passed, and the President signed into law, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the time to consider how these new rules may affect your […]
Tax reform: Here’s how you are affected
Congress passed the “Tax Cuts and Jobs Act” on Dec. 21, 2017. Many of the provisions in the Act begin after Dec. 31, 2017, and expire by Jan. 1, 2026. There is a lot to digest and we will have continuing communication with you to more fully explain these changes to the tax law, how […]
No changes in healthcare yet, even with Trump executive order
President Trump signed an executive order this month that is being described in the media as a step in dismantling the Affordable Care Act. For now, however, healthcare remains business as usual. While the executive order signed Oct. 12 could result in some significant changes – such as greater access to association health plans and […]