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.
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.
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.
Employee Retention Credit Pays for Keeping Employees on Payroll
Businessowners must carefully consider which tax benefit or combination of tax benefits works best for their particular set of circumstances, particularly the choice between the retention credit and the SBA paycheck protection loans, since a business cannot qualify for both.
CARES Act: Deferral of, Changes to, Limits on Excess Business Losses
We explain the CARES Act’s retroactive postponement of, and changes to, the limits on excess business losses.
Congress Provides Sick Leave and Child Care Leave Benefits for Employees
The federal government is providing sick leave benefits and child care leave benefits to affected taxpayers whose employers have fewer than 500 employees.
What the April 15 Tax Filing Deadline Extension Means to You
We outline the specifics of the April 15 filing deadline extension.
Families First Coronavirus Response Act: What Employers Need to Know
This Act makes significant changes to previously existing rules regarding both the Family Medical Leave Act (FMLA) and Emergency Paid Sick Leave.