On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act passed on June 5, 2020. The updated guidance accounts for revisions made…
IRS Grants Midyear Changes to Health, Dependent Care, Flex Spending Accounts
The COVID-19 pandemic has thrown a wrench into many employer-sponsored health, flexible health, and dependent care plans as employees are seeing increased or decreased need, depending on the impact of the pandemic on their families. In response, the IRS is…
21 Ways to Get Help for Your IRS Tax Problem and Get Your IRS Debt Resolved, Reduced, or Forgiven
Are you behind on filing your federal income tax return or paying your federal IRS taxes in the last year or more? If so, you’re not alone. More than 22 million taxpayers in the U.S. have either failed to file…
PPP Economic Uncertainty Clarification Update Gets Extended Repayment Deadline
The original May 7 deadline for repayment of Paycheck Protection Program (PPP) loans that could not be certified necessary was extended to May 14 following concerns stemming from the business community over qualification uncertainties. On April 23, the SBA updated…
IRS Releases Guidance on PPP Loan Forgiveness
The IRS has provided guidance on how loan forgiveness will work for the $659 billion in Paycheck Protection Program (PPP) loans from the two allocations made by Congress to the Small Business Administration (SBA). While coverage on how to apply…
Do You Have to Pay Back Your Stimulus Payment?
I’m receiving a lot of questions regarding the stimulus payments: Are they taxable? Do you have to pay it back? Does it affect your tax refund/liability for your 2020 return? Technically, the stimulus payment you have or are about the…
Financial Relief for Families Tax Credit – What to Expect with Your Check
The distribution of economic impact payments is expected to begin in the next three weeks and be available throughout the rest of 2020. With so much news circulating, it can be difficult to keep tabs on the latest updates. We…
The Top 10 Questions about the Tax Deadline Extension
It was announced on March 20 that Tax Day would be postponed from April 15 to July 15 to coincide with the delayed tax payment deadline at the direction of President Trump. Treasury Secretary Steven Mnuchin announced the postponement via…
Information on Accessing IRS Get My Payment Economic Impact Payments
Treasury, IRS unveil online application to help with Economic Impact Payments; Get My Payment allows people to provide direct deposit information and gives payment date WASHINGTON – Working with the Treasury Department, the Internal Revenue Service today unveiled the new…
An Overview of the Tax Credits Available Under the CARES and FFCRA Acts
On Friday, March 27th, President Trump signed a historic stimulus bill: the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This legislation’s many provisions provide emergency relief for those suffering financial hardships due to COVID-19 including individuals, businesses, state and…