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New COVID-19 law makes favorable changes to “qualified improvement property”
- Apr 20, 2020
- By Dukhon Tax
- In COVID-19
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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Coronavirus (COVID-19): Small Business Guidance and Loan Support for Paycheck Protection Program and Others
- Apr 03, 2020
- By Dukhon Tax
- In COVID-19
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
- Apr 03, 2020
- By Dukhon Tax
- In COVID-19
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
- Apr 02, 2020
- By Dukhon Tax
- In COVID-19
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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The new COVID-19 law provides businesses with more relief
- Apr 01, 2020
- By Dukhon Tax
- In Business, Business Taxes, COVID-19
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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Federal Government Tax-Related Actions Taken to Date Regarding COVID-19
- Mar 27, 2020
- By Dukhon Tax
- In COVID-19
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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SBA offering loans to small businesses hit hard by COVID-19
- Mar 27, 2020
- By Dukhon Tax
- In COVID-19
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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Family and Medical Leave Act (FMLA) Expanded to Provide Relief to Those Affected by COVID-19
- Mar 26, 2020
- By Dukhon Tax
- In COVID-19
“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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U.S. Small Business Administration (SBA) Offering Disaster Assistance In Response To COVID-19
- Mar 26, 2020
- By Dukhon Tax
- In COVID-19
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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Tax Update: Tax Filing and Payment Deadline Extension
- Mar 26, 2020
- By Dukhon Tax
- In COVID-19
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…