• IRS extends some (but not all) employee benefit plan deadlines

    The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before July 15, 2020. It extends the due date for specified…

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  • New COVID-19 law makes favorable changes to “qualified improvement property”

    The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December 31, 2017 wasn’t considered to…

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  • What are the key distinctions between layoffs and furloughs?

    As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide whether to downsize their workforces to lower payroll costs and stabilize cash flow. If your company is contemplating such a move, you’ll likely want to consider the choice within the choice: that is, should you lay off workers or furlough them?…

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  • The 2019 gift tax return deadline is coming up

    If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file a gift tax return for…

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  • Relief from not making employment tax deposits due to COVID-19 tax credits

    The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the Coronavirus Aid, Relief, and Economic…

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  • Just launched: The SBA’s Paycheck Protection Program

    To stem the tide of joblessness caused by the coronavirus (COVID-19) outbreak, the Small Business Administration (SBA) has officially launched the Paycheck Protection Program (PPP). The program’s stated objective is “to provide a direct incentive for small businesses to keep their workers on the payroll.” What does the program offer? The PPP was authorized under a provision of the Coronavirus…

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  • Answers to questions about the CARES Act employee retention tax credit

    The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result of a government order limiting…

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  • Coronavirus (COVID-19): Small Business Guidance and Loan Support for Paycheck Protection Program and Others

    The economic crisis hitting small business owners is moving fast, so we wanted to quickly  share with you details of provisions offered under the CARES Act as they relate to loan, grant, and debt relief programs currently being offered. Our firm is providing assistance and services for small businesses, independent contractors, and sole-proprietors to file and claim relief through these…

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  • Business Tax Relief provided by the CARES Act

    We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Please review this summary of Business tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress’s gigantic economic stimulus package that the President signed into law on March 27, 2020. Employee retention credit for employers.…

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  • Individual Tax Relief Provided By The CARES Act

    We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Please review this summary of individual tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress’s gigantic economic stimulus package that the President signed into law on March 27, 2020. Recovery rebates for individuals.  To help individuals…

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