Daywood & Company, Small Business/Tax Consultants

CNN: Yellen directs IRS not to use new funding to increase chances of audits of Americans making less than $400,000.

Yellen directs IRS not to use new funding to increase chances of audits of Americans making less than $400,000 Treasury Secretary Janet Yellen on Wednesday directed the Internal Revenue Service not to use any of the new funding allocated in the Democrats' new health care and climate bill to increase the chances of Americans making less than $400,000 a year getting audited, according to a copy of the letter o...

For Stimulus Check Direct Deposit: if you do not receive direct deposit for your IRS tax refund, or traditionally owe taxes and do not provide direct deposit info, visit the link below to speed up the process of receiving your stimulus check via direct deposit.

Get My Payment | Internal Revenue Service Use Get My Payment to get information about your payment status and payment type.

CARES Act notes:

1. SBA's Economic Injury Disaster Loan - Borrowers can receive a $10,000 emergency grant cash advance that can be forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments or repaying obligations that cannot be met due to revenue losses.

2. Paycheck Protection Program - The Paycheck Protection Program creates a type of emergency loan that can be forgiven when used to maintain payroll through June (requirements limit amounts forgiven, a) 50 reduction in revenues from previous years quarter)

3. Tax Benefits - Businesses are eligible for an employee retention tax credit if 1.) your business operations were fully or partially suspended due to a COVID-19 shut-down order; or 2.) gross receipts declined by more than 50% compared to the same quarter in the prior year. Eligible businesses can get a refundable 50% tax credit on wages up to $10,000 per employee. The credit can be obtained on wages paid or incurred from March 13, 2020, through December 31, 2020

4. Businesses and self-employed individuals can delay their payroll tax payments. These payments, the employer share of Social Security tax owed for 2020, can instead be deferred and paid over the next two years. Fifty percent must be paid by the end of 2021 and 50% must be paid by the end of 2022.

5. Increase in Unemployment Benefits - Federal unemployment insurance benfits available up to $600/week in addition to state qualified unemployment benefits (if qualify)

Give us a shout if you need more information and/or details on how to qualify for these benefits. We expect more details to be released this week on qualifications for forgiveness of these loans, as well who is eligible.

uschamber.com: CARES Act: Everything Small Businesses Need to Know.
https://www.uschamber.com/co/start/strategy/cares-act-small-business-guide

U.S. Chamber of Commerce Standing Up for American Enterprise

Unemployment Benefits for Self-Employed Businesses/Contractors in Coronavirus Stimulus Package!

Should be good news for self employed businesses. Bill includes up to $600/week in additional federal unemployment payments including for Self Employed Businesses/ Independent Contractors. Waiting on details on who qualifies and for how much!?

Coronavirus unemployment benefits: 5 things you need to know Congress's $2 trillion coronavirus aid package allocates $250 billion in unemployment benefits for the ever-growing ranks of Americans who have lost their jobs. This is what you need to know.

Paid Leave for Workers & Small Business Tax Credits

IRS has yet to release specific rules but according to legislation:

- IRS is crediting Employers for the following pays:

1. For an employee who is unable to work because of Coronavirus quarantine or self-quarantine or has Coronavirus symptoms and is seeking a medical diagnosis, eligible employers may receive a refundable sick leave credit for sick leave at the employee's regular rate of pay, up to $511 per day and $5,110 in the aggregate, for a total of 10 days.

2. For an employee who is caring for someone with Coronavirus, or is caring for a child because the child's school or child care facility is closed, or the child care provider is unavailable due to the Coronavirus, eligible employers may claim a credit for two-thirds of the employee's regular rate of pay, up to $200 per day and $2,000 in the aggregate, for up to 10 days

Question will be:

- Who is an eligible employee? Is self-quarantine defined as any individual following stay-at-home orders or only those that are possibly sick?

Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave | Internal Revenue Service IR-2020-57, March 20, 2020 — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse the...

To all my small businesses, we are working with SBA and other financial institutions on applications for interim small business loans to keep your company afloat if needed! Reach out to us at [email protected].

Strapped for Cash? 2 SBA Loans You Need to Pay Attention to Right Now.

UPDATED (March 23): Strapped for Cash? 2 SBA Loans You Need to Pay Attention to Right Now SBA and emergency injury disaster loans could save your business, if it has been impacted by coronavirus. Here's how to determine which one may be right for you.

Yahoo Finance: Coronavirus response: Trump is delaying tax payments but you still have to file by April 15.

Coronavirus response: Trump is delaying tax payments but you still have to file by April 15 On Tuesday, the White House announced details on how taxpayers will be able to defer tax payments, but you still have to file by April 15.

2019 tax brackets: What's your tax rate? Depending on how much you earned last year, you may pay taxes at different rates. Here's how to find out where you fall.

IRS Issues Proposed Regulations On Section 199A Deduction For Solos And Pass-Through Businesses.

IRS Issues Proposed Regulations On Section 199A Deduction For Solos & Pass-through Businesses The Internal Revenue Service (IRS) has finally issued proposed regulations for Section 199A, the tax reform deduction which applies to sole proprietorships and pass-through entities. Here’s what you need to know.

Just finished our exit interview for another SUCCESSFUL Daywood & Company represented IRS Audit!!!

Result: Audit Approved with No Changes! Including an additional $1,300+ refund we found on behalf of the taxpayer!

A tax break that helps parents cover K-12 public school expenses — and other tips on the new tax law The new tax law expanded one education-related tax break, eliminated another, and left the rest alone.