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During the COVID-19 pandemic, many employees and their families have lost group health plan coverage because of layoffs or reduced hours. If your business has had to take such steps, and it’s required to offer continuing health care coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the recently passed American Rescue Plan Act (ARPA) includes some critical provisions that…
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New COVID-19 relief law extends employee retention credit
- Mar 23, 2021
- By Dukhon Tax
- In COVID-19
Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: the ERC has been extended yet again. The original credit As originally introduced under last year’s CARES Act, the ERC was a refundable tax credit…
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The latest on COVID-related deadline extensions for health care benefits
- Mar 15, 2021
- By Dukhon Tax
- In COVID-19
The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-19-related deadline extensions that apply to health care benefits plans. Extensions to continue The DOL and IRS issued guidance last year specifying that the COVID-19 outbreak period — defined as beginning March 1, 2020, and ending 60 days…
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PPP loans have reopened: Let’s review the tax consequences
- Feb 15, 2021
- By Dukhon Tax
- In Business, Business Taxes, COVID-19
The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax consequences. Background on the loans In March of 2020, the CARES Act became law. It authorized the…
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One reason to file your 2020 tax return early
- Feb 08, 2021
- By Dukhon Tax
- In Business, Business Taxes, COVID-19
The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year.…
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Getting more for your marketing dollars in 2021
- Feb 01, 2021
- By Dukhon Tax
- In Business, Business Taxes, COVID-19
A new year has arrived and, with it, a fresh 12 months of opportunities to communicate with customers and prospects. Like every year, 2021 brings distinctive marketing trends to the table. The COVID-19 pandemic and resulting economic challenges continue to drive the conversation in most industries. To get more for your marketing dollars, you’ll need to tailor your message to…
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The new Form 1099-NEC and the revised 1099-MISC are due to recipients soon
- Jan 29, 2021
- By Dukhon Tax
- In Business, Business Taxes, COVID-19
There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending the forms to recipients, taxpayers must file the forms with the IRS by March 1 (March 31 if filing electronically). The requirement begins with forms for tax year 2020. Payers must complete…
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Don’t forget to take required minimum distributions this year
- Jan 28, 2021
- By Dukhon Tax
- In Business, Business Taxes, COVID-19
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to skip taking these withdrawals in 2020 but now that we’re in 2021, RMDs must be taken again.…
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PPP Second Draw – Program Analysis, Eligibility, and Instructions
- Jan 19, 2021
- By Dukhon Tax
- In Business, Business Taxes, COVID-19
Summary: On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (CAA, 2021) into law. The CAA includes Division N – Additional Coronavirus Response and Relief (ACRR), which has a provision that provides for Paycheck Protection Program (PPP) Second Draw loans. CAA, 2021 – Paycheck Protection Program Second Draw Loans. ACRR permits certain smaller businesses who received a…
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Need another PPP loan for your small business? Here are the new rules.
- Jan 07, 2021
- By Dukhon Tax
- In Business, COVID-19
Need another PPP loan for your small business? Here are the new rules. Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of interest for small business owners in the Consolidated Appropriations Act (CAA) is the opportunity to take out a second loan under the Paycheck…
Category “COVID-19”
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