-
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…
-
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…
-
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…
-
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…
-
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.…
-
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…
-
The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these typically comprise a statement of cash flows, a balance sheet and an income statement. Cash…
-
On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain…
-
A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual cash payments Under the new law, an eligible individual will receive a…
-
We know right now your highest priority is the health of those you love and yourself. If you have time to read about some non-medical but important matters related to the current health crisis, we at Dukhon Tax have compiled a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic…
Blog
Dukhon Tax and Accounting. All Rights Reserved.
Proudly serving Brighton, Allston, Boston, Massachusetts & International tax clients around the world