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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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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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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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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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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…
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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…
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Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is the Small Business Administration (SBA). New loan, relaxed…
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“The Families First Coronavirus Response Act” (FFCRA), which goes into effect April 2, 2020 and expires December 31, 2020, responds to the coronavirus outbreak…
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Under the recently enacted Coronavirus Preparedness and Response Supplemental Appropriations Act (the Act), small businesses that have suffered substantial economic injury as a result of COVID-19…
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Filing and payment deadlines deferred. After briefly offering more limited relief, the IRS almost immediately pivoted to a policy that provides the following to all taxpayers…
Category “COVID-19”
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