What’s in the Covid relief bill: Recovery rebates, extended unemployment and more
The Consolidated Appropriations Act of 2021 includes a number of provisions beneficial to individuals and business owners, particularly in light of ongoing economic turmoil in the wake of the coronavirus pandemic. In addition to the extension of the Paycheck Protection Program, the CAA contains another round of direct payments to individuals, extended unemployment insurance and […]
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 […]
More parents may owe “nanny tax” this year, due to COVID-19
In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny tax may apply to all household workers, including housekeepers, babysitters, gardeners or others who are not independent contractors. If you employ […]
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 […]
Next round of PPP funding could open soon
The next round of Paycheck Protection Program small business loans is set to open up this week or early next week, which means businesses that did not receive funding from the original $349 billion PPP funds through the Coronavirus Aid, Relief and Economic Security (CARES) Act should be ready to submit their applications. The Senate […]
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 […]
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 […]