If you’re looking to address rising tax problems during COVID-19, you are not alone. COVID-19 has caused the death of over 300,000 people. And there have been nearly 19 million reported cases in the United States. Consequently, COVID-19 has touched nearly every aspect of the lives of people worldwide. This is to say nothing about creating …
COVID-19
It Passed! What’s In The New COVID Relief Law?
Stimulus checks are just a small part of it the new COVID relief law. To sum up, this includes more unemployment help, EIDL loans, PPP, Employee Retention Credit, EIC, CTC, Eviction moratorium, and much more. After several months of not being able to agree on additional COVID-related tax relief, Congress finally finalized the much-needed legislation. …
Video: COVID Tax Relief Act Is Coming
After months of political bickering, Congress is finally passing a new COVID Tax Relief Act. Watch this video for a summary of what you can expect from this tax relief package.
Help is on The Way – Emergency Coronavirus Relief Agreement Reached
After months of political bickering, Congress has reached an agreement on an emergency coronavirus relief bill. Although not all the details are fully available yet, the following provides a good overview of the provisions affecting individual taxpayers and small businesses. Emergency coronavirus relief provisions Stimulus Payments Eligible adults will receive a $600 stimulus payment. This …
Help is on The Way – Emergency Coronavirus Relief Agreement ReachedRead More
Don’t Miss Out on Year-End Tax Planning Opportunities
Year-end tax planning opportunities could be exactly what could help perk up a challenging year. Mentioning that COVID-19 has made 2020 a disastrous year for just about everyone is an understatement. But these tax planning options may give you some relief ahead. In response to the economic slowdown and losses of income, Congress passed several …
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Still Waiting for The IRS To Cash Your Check?
If you are still waiting for the IRS to cash your check – you are not alone. During the COVID-19 pandemic, the IRS has furloughed many of its employees, or had them work from home to mitigate the spread of the virus. Many IRS offices remained shuttered for months. A backlog of millions of pieces …
Do You Know Unemployment Benefits Are Taxable?
Did you know? Unemployment benefits are taxable! With the passage of the CARES Act stimulus package earlier this year, the federal government added $600 to the normal state weekly unemployment benefits. Also, the number of benefit weeks were increased to a total of 39. In many cases, workers are receiving unemployment benefits for the first …
Is the Temporary Deferral of Employee Payroll Tax Worth It?
Is the Temporary Deferral of Employee Payroll Tax Worth It? At this time, there are still many questions… President Trump issued a Presidential Memorandum on August 8, 2020. This memorandum directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ portions of Social Security taxes from Sept 1 …
Is the Temporary Deferral of Employee Payroll Tax Worth It?Read More
Loan Application Period for The Paycheck Protection Program has been Extended
If you missed the opportunity to apply for a Paycheck Protection Program (PPP) loan – you now have another chance! The Paycheck Protection Program has been extended, allowing you more time to file. Congress overwhelmingly voted to extend the application period for a PPP loan through August 8, 2020. This gives folks an additional 5½ …
Loan Application Period for The Paycheck Protection Program has been ExtendedRead More
