IRS to Allow Mid-Year Changes to Health Care Plans, FSAs
The IRS will let employers allow mid-year changes to their employer-sponsored health care and dependent care elections.
Congress Makes Charitable Giving Easier During the COVID-19 Crisis
To encourage charitable contributions to deserving qualified charities during these trying times, Congress has relaxed some of its restrictions related to how much a taxpayer can deduct as a charitable contribution in any given year.
IRS Provides Answers to a Few Coronavirus-Related Distribution Questions
Need to tap your retirement accounts for coronavirus-related reasons? We explain how the IRS is addressing the tax issues.
Running Low on Money? Congress Has Made it Easier for You to Tap Your Retirement Savings
If you are struggling financially due to the COVID-19 epidemic, the CARES Act makes it easier for you to access your retirement funds during this emergency.
Economic Impact Payments: Deadline to Provide Direct Deposit Info
The IRS announced Friday that time is running out for taxpayers to go to the Get My Payment website to enter their direct deposit information in order to receive an electronic economic impact payment (IR-2020-92). Taxpayers must enter their bank account information, if needed, by noon on Wednesday, May 13. After that date, any stimulus payments that have not been processed will be transferred to the Bureau of Fiscal Services for paper checks to be delivered, which the IRS estimates will arrive beginning in late May to early June.
Rebates Are Finally Flowing: Did You Get Yours? Was It Correct?
The IRS has finally started making those much-anticipated Economic Impact Payments. Did you get yours? Was it correct?
Employers Can Defer Payroll Taxes
One of the benefits included in the COVID-19 epidemic stimulus package is the ability for an employer to defer payment of the employer’s share of certain federal payroll taxes.
Reopening a Business After the Coronavirus Shutdown
As a business owner, there is a lot you need to consider before you reopen your doors. Our friends at Pritchard & Jerden compiled some best practices to consider before opening your business back up to the public.
Working from Home During the COVID-19 Outbreak? It Probably Won’t Save You Much on Your Taxes
In this strange and disorienting period of isolation due to the COVID-19 pandemic, many workers who’ve been told to work from home are wondering whether they’ll be eligible for that additional tax benefit.
Our Recommended Documentation for SBA Payroll Protection Program Loan Forgiveness
Documentation is going to play a big part in getting your PPP loan forgiven. Don’t wait eight weeks to start collecting proof. Here is our advice for starting now.