Taking Care of Books

Many employers are unaware the provisions of the Families First Coronavirus Response Act are mandatory. The provisions took effect April 2, 2020.

Employer Alert: Families First Coronavirus Response Act Provisions are Mandatory Due the COVID-19 outbreak and all of the government’s efforts to curtal its spread and to prop up the economy, we have been in information overload for just about a month now. One of the government’s efforts was to pass the Families First Coronavirus Response Act which, at the government’s exp...

Wednesday Wisdom

As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, Congress has provided very financially beneficial tax provisions for businesses.

Businesses Score Big Tax Benefits with the CARES Act As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, Congress restored the ability of businesses that suffer a loss to carry those losses back and recover taxes paid in prior years. The limitation on business interest deducti...

The IRS has launched a new, free, and easy-to-use online tool that enables those who don't normally file a tax return (non-filers), or have too little income to file, to register for recovery rebates (Economic Impact Payments) so they can receive their payments faster.

The IRS Provides Online Tools for Recovery Rebates The IRS has launched a new, free, and easy-to-use online tool that enables those who don’t normally file a tax return (non-filers), or have too little income to file, to register for Economic Impact Payments (aka recovery rebates or stimulus payments) so they can receive their payments faster.

The IRS has expanded the postponement of filing and payment obligations to include those due on or after April 1, 2020 and before July 15, 2020.

Full Breakdown: IRS Filing, Payment, and Action Deadlines On April 9, 2020, the IRS issued Notice 2020-23 which has expanded the postponement of filing and payment obligations to include those due on or after April 1, 2020 and before July 15, 2020. This notice expands on Notices 2020-18 and 2020-20.

The Federal Reserve is creating a Main Street Lending Program to support small to medium-sized businesses who are struggling financially due to the COVID-19 emergency. Read on for all the eligibility and loan details.

“Main Street” Loan Program to Support Small to Medium-Sized Businesses The Federal Reserve is starting a Main Street Lending Program to support SMBs through the COVID-19 pandemic.

Alcoholism and drug addiction are a problem for many families. Fortunately, for tax purposes, treatment is considered to be for a medical ailment. Thus, treatment expenses, including meals and lodging furnished as necessary during inpatient treatment at a therapeutic center, may be tax deductible.

Drug & Alcohol Addiction Treatments May Be Tax Deductible A taxpayer is allowed an itemized deduction for medical expenses paid during the taxable year and not compensated by insurance or otherwise for medical care of the taxpayer or the taxpayer’s spouse, dependent, or medical dependent.

Starting the week of April 13th, the IRS is planning to release a new, online portal where people can obtain details about their economic impact payment and also provide their banking information.

Track Your Economic Impact Payment in the New IRS Portal Economic impact payments are on their way to over 170 million Americans. There will now be a portal to track the status and provide direct deposit information.

One of the benefits included in the COVID-19 epidemic stimulus package is the ability for an employer to defer payment of the employer's share of certain payroll taxes.

Employers Can Defer Payroll Taxes One of the benefits included in the COVID-19 epidemic stimulus package is the ability for an employer to defer payment of the employer’s share of certain federal payroll taxes. The deferral applies to the employer’s 6.2% share of the Social Security (OASDI) payroll tax. The deferral does not app...