The IRS has announced three new tax credits available to employers affected by the COVID-19 crisis. You may qualify for one or more of them: Employee Retention Credit, Paid Sick Leave Credit or Family Leave Credit.
f you have an IRA or other qualified retirement plan and you are 70+, you’ll want to know about a special rule change made in response to the COVID-19 pandemic. Under the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted in...
We continue to receive questions from our many local business owners regarding their financial relief options, particularly in regard to the Paycheck Protection Program. Established by the CARES Act, the PPP offers small businesses low-interest loans to cover payroll and other costs during the COVID-19 pandemic. Following are some Q&As adapted from a recent article in USA Today that may be helpful:
As the reality of sheltering in place settles in, many of our clients are asking how best to cut costs and deal with mortgage, credit card and other payments. The Consumer Financial Protection Bureau encourages financial institutions to work with their customers to meet their needs. And the U.S. Department of the Treasury recommends that banks waive ATM, overdraft, late payment and other fees as much as possible, and offer accommodations for borrowers to defer or skip some payments.
As previously announced, the IRS has provided filing and payment relief for federal income tax returns and payments due April 15, 2020, and for estimated income tax payments due April 15, 2020. Both were pushed back to July 15, 2020. Last week, additional automatic (no application required) tax-filing and payment-deadline relief — also now July 15, 2020 — was announced in a new notice issued by the IRS. Notice 2020-23 applies to individuals, partnerships, trusts, estates, corporations and other noncorporate tax-filing entities filing Forms 1120, 1065, 1066, 1041, 706 and 709, among others.
Coronavirus Aid, Relief and Economic Security (CARES) Act, unemployment payment amounts will increase, more folks will qualify, and benefits will be available longer.
Previously, only those workers who receive W-2s from their employer qualified for unemployment benefits. However, with the new Pandemic Unemployment Assistance (PUA) through the CARES Act, folks who are self-employed, gig workers, 1099 independent contractors or have a limited work history can now also file for unemployment benefits.
The first round of stimulus money should start arriving this week for those who already have direct deposit set up with the IRS. But that’s just the beginning … the process could take several months to get money to every taxpayer — more than 100 million of us!
We have received a record number of calls regarding the new Coronavirus Aid, Relief and Economic Security (CARES) Act, which President Trump signed into law on March 27, 2020. This $2 trillion economic stimulus legislation aims to provide relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. Here’s a look at some of the key provisions and how they may affect you. We’ll be happy to answer your questions as best we can — just call us at 706-632-7850 or email us.
You have questions? We have answers … well, mostly we do! With all the changes to the current tax season, the IRS and the State of Georgia are constantly updating details and requirements. To help condense some of this information, we’ve answered some of the more relevant questions below.