The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already […]
Read MoreThe 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. […]
Read MoreTaxpayers 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 MoreThe Paycheck Protection Program Flexibility Act eases PPP loan forgiveness restrictions. Here are the details of the law, along with some recent guidance for borrowers.
Read MoreBe 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 MoreNew Law Retroactively Fixes QIP Drafting Mistake
Read MoreThe 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 MoreEconomic impact payment paper check mailing dates. When will you get yours?
Read MorePaycheck Protection Program Loan Forgiveness Application
Read MoreIn 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 MorePandemic Unemployment Assistance for individuals who are unemployed due to COVID-19 but who do not qualify for traditional unemployment benefits.
Read MoreThe just-passed $484 billion Interim Stimulus Plan, among other things, replenishes Paycheck Protection Program funds.
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