The U.S. Treasury, along with the Small Business Administration (SBA), announced several updates to the Paycheck Protection Program (PPP) rules and guidance through the Paycheck Protection Program Flexibility Act (PPPFA) of 2020. According to Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza, the PPPFA will help businesses by providing more time and flexibility to […]
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you are an employee who telecommutes, there are strict rules that govern whether you […]
Many businesses were unprepared when the novel coronavirus (COVID-19) pandemic required them to close their physical offices and shift to remote operations. Your company, for example, may have had to scramble to set up a virtual private network (VPN) or move files to the cloud. Moreover, while adapting to working from home, employees may have […]
In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates […]
On Wednesday evening, the Senate passed the latest version of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. If approved by the House of Representatives and made into legislation, the CARES Act will be set to provide over $2 trillion in COVID-19 relief in the form of small business loans, paycheck protection loan forgiveness, […]
The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor announced that small and midsize employers could begin to take advantage of two new refundable payroll tax credits, provided under the Families First Coronavirus Response Act signed on March 18, 2020, and effective April 1, 2020. These credits will reimburse businesses […]
On Tuesday, March 17, 2020, the United States Department of Treasury and the Internal Revenue Service announced that they will be providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. It is important to note that the filing deadline for tax returns remains April 15, 2020 and has not been […]
If you made large monetary gifts to your children, grandchildren, or other heirs, it is important that you determine whether you are required to file a 2019 gift tax return. Who must file? Generally, you must file a gift tax return for 2019 if, during the tax year, you made gifts: That exceeded the $15,000-per-recipient […]
The IRS opened the 2019 individual income tax return filing season this past January 27. Although it is typical that you may decide to file closer to the April 15 deadline (or you decide to file for an extension), you may want to consider filing your return as soon as you can this year. There […]
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. Nevertheless, the small percentage of tax returns being chosen for audit will be of little consolation if yours happens to be one of them. Latest statistics Overall, just 0.59% of […]