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There are tax credit relief options available to small business owners under the Families First Coronavirus Relief Act (FFCRA) covering Emergency Family Medical Leave. The FFCRA’s paid leave provisions are effective on April 1, 2020, and apply to leave taken between April 1, 2020, and December 31, 2020.
Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low-interest rates and a volatile stock market are creating additional opportunities.
If the loan proceeds are used as specified, business owners may apply to have the loan forgiven. Here’s what you need to know about loan forgiveness under the PPP.
We now have more clarity on what expenses we can apply to applications and what is considered accepted payroll expenses.
For purposes of the Paycheck Protection Program (PPP) loan and how it’s calculated there have been a lot of discussions around how to properly document your financial need.
The form is simple enough as any loan application, but some intricacies warrant an in-depth understanding of current state laws and regulations when making requests.
The deadline for filing federal tax returns, as well as the tax payment deadline, has been extended from April 15 to July 15 due to the disruption caused by the coronavirus pandemic. Don’t hesitate to call with any questions or concerns.
Generally, you can contribute up to $6,000 of your earnings for the tax year 2019 (up to $7,000 if you are age 50 or older in 2019). You can fund a traditional IRA, a Roth IRA (if you qualify), or both, but your total contributions cannot be more than these amounts.
Once an organization receives tax-exempt status from the IRS, there are certain requirements that must be adhered to in order to maintain tax-exempt status.
While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of.