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In the face of the growing COVID-19 pandemic, Congress has passed the Paycheck Protection Program, a $349 billion effort to support small businesses and facilitate their ability to continue paying their employees through the crisis period. The law authorizes the granting of forgivable loans, all of which will carry the same terms. In order for …
Paycheck Protection Program (PPP) Information Sheet – For BorrowersRead More
There are two different types of government business loans available to help small businesses stay afloat during the coronavirus emergency that are quite different in nature. The Paycheck Protection Program loans provide funding to continue paying employees during the crisis and the Economic Injury Disaster Loans provide vital economic support to help overcome the temporary …
To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress has provided a refundable employer retention credit available to all qualifying employers regardless of size, including tax-exempt organizations. Do you quality for the credit? To qualify for the credit, employers must fall into one of two categories: Business Operations Curtailed: Eligible employers …
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27th by President Trump, includes an unemployment assistance program for individuals who under normal circumstances would not qualify for unemployment benefits, which traditionally have only applied to employees. Under the CARES Act, unemployment benefits are now available for self-employed individuals, independent …
Self-Employed and Independent Contractors Now Qualify for Unemployment BenefitsRead More
Among the hardest hit during the coronavirus epidemic are the small businesses that have lost their revenue sources and do not have the financial resources to weather the storm. In this case, the federal government’s SBA (Small Business Administration) Economic Injury Disaster Loan (EIDL) can help a business make it through these trying times with …
Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, …
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes. This included extending employers hiring tax credit for an additional year. This article is one of a series of articles dealing with those changes and how they may affect you. Employers that hire …
Congress Extends Employers’ Hiring Tax Credit For Another YearRead More
March 2 – Farmers and Fishermen File your 2019 income tax return (Form 1040 or 1040-SR) and pay any tax due. However, you have until April 15 to file if you paid your 2019 estimated tax by January 15, 2020. March 2 – Large Food and Beverage Establishment Employers File Form 8027, Employer’s Annual Information …
As an employer, you have lots of obligations when it comes to filing taxes. This includes the need to file IRS Form 941. Form 941 is the Employer’s Quarterly Federal Tax Return. This form needs to be turned in on the last day of each month following the end of a quarter. Sticking to the …
No Employees This Quarter? You Still May Need To File IRS Form 941Read More
