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Get My Payment Application Debuts on IRS.gov
As appearing in e-News for Tax Professionals: Issue Number 2020-16 Working with the Treasury Department, the new Get My Payment application, allowing taxpayers to check on their Economic Impact Payments, debuted on the IRS website. The application will answer common questions as an initial round of more than 80 million Economic Impact Payments hits recipients’ [...]
IRS Announces More COVID-19 Relief and Details
In the midst of the Coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates [...]
Seniors Face a Double Threat with COVID-19
Seniors face a double threat with the coronavirus (COVID-19) pandemic. The elderly are considered the most vulnerable population for medical complications associated with the virus. They’re also prime targets for COVID-19 scams. If you’re a senior — or have elderly relatives and friends — read and share the following information. Everyone a potential victim There’s [...]
Employment Tax Deposit Relief via COVID-19 Tax Credits
The IRS has issued guidance providing employment tax deposit relief 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 [...]
The Arriving Great Depression 2.0
As posted to the Peak Prosperity YouTube Channel on 4/3/2020 (Run Time: 25 min, 0 sec) When Starting Clip at Time Code 19:39 Author's Description of "The Arriving Great Depression 2.0" Segment of Clip "In the past two weeks (as of 4/3/20), 10 million Americans have already filed for unemployment. Moody's is now warning that [...]
The Importance of Wearing a Mask
As posted to the Peak Prosperity YouTube Channel on 4/2/2020 (Run Time: 7 min, 4 sec) Author's Description of Clip "The most effective step each of us can take right now to beat COVID-19 is to start wearing a mask. It's cheap. It's easy. And if we call do it, it will give us a [...]
CARES Act Changes EBP and Charitable Contribution Rules
As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief, notably [...]
New COVID-19 Fraud Schemes
Like the coronavirus (COVID-19) pathogen itself, incidents of COVID-19 fraud are surging and financial losses are piling up. The Federal Trade Commission (FTC) reports that the number of complaints about new COVID-19 fraud schemes doubled in just one recent week. As of March 31, 2020, losses attributed to the outbreak stood at $5.9 million. Here [...]
IRS Q&A on CARES Act Employee Retention Tax Credit
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable employee retention 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 [...]
COVID-19 Poses Fraud Threats to Businesses
Scam artists know how anxious business owners are during the current coronavirus (COVID-19) crisis. They know that as you struggle to meet customer demands, pay employees and stay solvent, you’re more likely to drop your guard and fall for a fraud scheme. The last thing your business needs right now is to suffer additional financial [...]
IRS Q&A on Receiving Economic Impact Payments
In an Information Release (IR 2020-61), the Treasury Department and IRS have announced that distribution of economic impact payments, made as part of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, people who [...]
New SBA Website Discusses CARES Act Relief
On March 27, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, PL 116-136). Among other provisions, the CARES Act contains several new SBA loan and debt relief programs, including the: Paycheck Protection Program, Economic Injury Disaster Loans, and SBA debt relief, for the self-employed, independent contractors, and small [...]
Expanded Coverage of the CARES Act
This post provides expanded coverage of the CARES Act, Congress’s gigantic economic stimulus package that the President signed into law on March 27, 2020. PROVISIONS AFFECTING INDIVIDUALS Recovery rebates for individuals To help individuals stay afloat during this time of economic uncertainty, the government will send up to $1,200 payments to eligible taxpayers and $2,400 [...]
CARES Act Tax Relief for Individuals
The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed by President Trump on 3/27/2020 provides a variety of tax and financial relief measures to help Americans during the Coronavirus (COVID-19) pandemic. This post explains some of the CARES Act tax relief for individuals. Individual cash payments Under the new law, an eligible individual will [...]
CARES Act Provides More Tax Relief for Businesses
On 3/27/20, President Trump signed into law another coronavirus (COVID-19) law. The CARES Act provides more tax relief for businesses employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act. Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid by [...]
Disclaimer
This blog is designed to provide competent and reliable information regarding the subject matter covered. However, it is being provided with the understanding that the blogmaster is not engaged in rendering investment advice. Laws and practices often vary from state to state and if investment assistance is required, the services of a licensed investment professional should be sought. The blogmaster resolutely encourages the reader/viewer to do their own research and due diligence before acting on any information contained herein. As such, Roger Rossmeisl specifically disclaims any liability that is incurred from the use or application of the contents of this blog. It should also be noted that the views contained in this blog are not necessarily representative of the opinions/beliefs of the other owners, management and/or employees of Kho & Patel CPAs.
