COVID-19 Relief: New Rules for Deducting Charitable Contributions
The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several changes that encourage charitable giving during the coronavirus (COVID-19) crisis. This is welcome news for certain public charities, including churches, educational organizations, hospitals, medical research organizations and food banks. […]
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Taxpayers have many questions about Economic Impact Payments (EIPs). The IRS has answered some of them on its website. For example, is an EIP considered taxable income? The IRS says it's not and taxpayers won't owe tax on it. EIPs […]
Read More PPP borrowers get concessions, additional guidance on forgiveness
The Paycheck Protection Program Flexibility Act eases PPP loan forgiveness restrictions. Here are the details of the law, along with some recent guidance for borrowers.
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Be on “high alert” for scams related to the coronavirus (COVID-19) pandemic. The Treasury Inspector General for Tax Administration (TIGTA) has issued this urgent warning to taxpayers related to the government Economic Impact Payments that are being made to taxpayers […]
Read More New Law Retroactively Fixes QIP Drafting Mistake
New Law Retroactively Fixes QIP Drafting Mistake
Read More Stay Afloat with Tax-Favored Coronavirus-Related Distributions
The coronavirus (COVID-19) pandemic is causing economic hardship for many people and businesses in the United States. On March 27, the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by President Trump. A key […]
Read More Economic impact payment paper check mailing dates. When will you get yours?
Economic impact payment paper check mailing dates. When will you get yours?
Read More Paycheck Protection Program Loan Forgiveness Application
Paycheck Protection Program Loan Forgiveness Application
Read More The IRS clarifies the deductibility of PPP-funded expenses
In Notice 2020-32, the IRS has clarified that deductions for income tax purposes aren’t allowed for expenses that are otherwise deductible if the payment of the expense results in forgiveness of a covered loan.
Read More The Ohio Department of Job and Family Services has launched its Pandemic Unemployment Assistance (PUA)
Pandemic Unemployment Assistance for individuals who are unemployed due to COVID-19 but who do not qualify for traditional unemployment benefits.
Read More Congress expands small business COVID-19 relief
The just-passed $484 billion Interim Stimulus Plan, among other things, replenishes Paycheck Protection Program funds.
Read More Small Business Grant Fund Launches Today (4/20/2020)
Save Small Business Grant Fund Launches Today at 3pm! The U.S. Chamber of Commerce Foundation is launching the Save Small Business Grant Fund, an initiative to provide relief to small businesses when they need it most. Funded by corporate and […]
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