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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 [...]
Cut Your Tax Bill with IRAs
If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to cut your tax bill with IRAs. If you qualify, you can make a deductible contribution to a traditional IRA right up until the 2020 filing date and benefit from [...]
Hot Stock Tip, or Fraud?
(This is Blog Post #774)
Using COVID-19 to Fleece Americans
As governments around the globe mobilize to defend their populations from the novel coronavirus, criminals are also mobilizing — using COVID-19 to fleece Americans. These opportunists have already found ways to use the fear and chaos associated with the pandemic to enrich themselves. But you can protect yourself and your business. Ripe opportunity Phishing emails [...]
Coronavirus Tax Relief for Individuals
The IRS and Congress have responded with some Coronavirus tax relief for individuals. Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, [...]
Coronavirus Tax Relief for Small Businesses
Businesses across the country are being affected by the worldwide pandemic. Fortunately, Congress recently passed Coronavirus tax relief for small businesses. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or interest. New [...]
The Financial System Just Broke
(Part 1) Posted to the Peak Prosperity YouTube Channel on March 22, 2020 (Part 2) Posted to the GoldSilver.com YouTube Channel on March 22, 2020 Part 1 - Financial Armageddon (Run Time: 21 min, 04 sec) Part 2 - Is it Too Late for Gold & Silver? (Run Time: 19 min, 35 sec) Join Mike [...]
Jim Rickards on Unfolding “Ice-9” Situation
As posted to Kitco News YouTube Channel on 3/18/20 "We are potentially entering an 'Ice-9' situation where the entire world may 'freeze' over economically, said Jim Rickards, best-selling author of 'The Road to Ruin' and 'Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos.'” “If you shut down the New York stock exchange, and [...]
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.
