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.
As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, Congress restored the ability of businesses that suffer a loss to carry those losses back and recover taxes paid in prior years. The limitation on business interest deductions has also been relaxed, as […]
The IRS is planning to create a new, online portal called “Where’s My Economic Impact Payment” where people can obtain details about their payment from the economic stimulus package and also provide their banking information.
To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress has provided a refundable employer retention credit available to all qualifying employers regardless of size, including tax-exempt organizations.
Among the hardest hit during the coronavirus epidemic are the small businesses that have lost their revenue sources and do not have the financial resources to weather the storm. In this case, the federal government’s SBA (Small Business Administration) Economic Injury Disaster Loan (EIDL) can help a business make it through these trying times.
CDC Guidelines Practice social distancing – keep a minimum of 6 feet a part Wash hands often, with soap – for 20 seconds minimum Use hand sanitizer only if soap and water are not available Don’t touch your face Say home if you are sick or if a family member is sick Cover mouth and […]
To our valued clients and friends, Things are changing by the day as governments continue grappling with ways to provide relief during the Coronavirus Pandemic. Please see below for updates on various taxing jurisdictions: State of Oregon Except as specifically stated in this order, this order does not change any other payment, filing or other […]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Here are the questions you may be asking and what you need to know.
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
To our valued clients and friends, In IRS Notice 2020-18, the IRS granted additional relief to individuals impacted by the Covid-19 virus Pandemic. This Notice supersedes Notice 2020-17 by removing the tax payment limits and automatically moves the tax filing date from April 15 to July 15, 2020.