Tax

employee retention credit

Frequently Asked Questions on the Employee Retention Credit

April 6, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes an employee retention credit for employers and nonprofit organizations. Employers can claim a payroll tax credit for 50% of wages paid by eligible employers to certain employees during the Coronavirus pandemic. Businesses and nonprofits that have fully or partially suspended operations are eligible for the…

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State Income Tax Deadlines

April 1, 2020

In addition to the IRS extending the federal tax filing deadline due to the Coronavirus pandemic, all states are extending their state income tax deadlines as well. Taxpayers do not need to take any action to receive the deadline extensions. New York, New Jersey, and Maryland are just a few states that are extending their…

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cares act

CARES Act: What Individuals and Businesses Need to Know

March 30, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, is a $2.2 trillion stimulus package to alleviate the economic devastation of the Coronavirus pandemic. The bill includes several¬†elements aimed at helping keep individuals and businesses engaged in the economy. Individual Tax Relief Rebates Individual taxpayers will receive $1,200…

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tax cpa

Highlights of the People First Initiative

March 26, 2020

The IRS announced its People First Initiative to provide taxpayers with immediate relief on various issues such as compliance and payment guidelines as a result of the Coronavirus pandemic. The projected start date will be April 1 and will initially run through July 15. The IRS will continuously review and modify the People First Initiative…

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tax deadline

24 Frequently Asked Questions About the Extended Tax Deadline

March 25, 2020

As you may already know, the deadline to file and pay Federal income tax returns is postponed from April 15 to July 15, 2020 in response to the ongoing Coronavirus (COVID-19) pandemic. This historic delay has brought up many questions for taxpayers. Here are answers to frequently asked questions to help you navigate the new…

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tax related actions

The Latest Tax Related Coronavirus Actions

March 25, 2020

The federal government is racing to ease the pain facing the US economy from the Coronavirus pandemic. Here is a summary of important tax related coronavirus actions and federal tax legislation recently enacted to ease tax compliance burdens and economic pain caused by Coronavirus. Tax filing and payment deadlines postponed All taxpayers with a Federal…

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