COVID-19 NEWS

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News

Information for Individuals

 

May 29, 2020 - Don’t throw away that junk mail — it might be your economic impact payment card!

Economic Impact Payments being sent by prepaid debit cards, arrive in plain envelopes from “Money Network Cardholder Services” and the card looks like the image below:

 

 

 

 

 

 

 

If you happen to misplace or accidentally throw away your stimulus debit card, call Money Network Cardholder Services customer service at 800-240-8100 to report your lost or stolen card immediately.

For more details, see either the IRS’ website of related FAQs or the Money Network Cardholder website.

  • The IRS has opened the website for your Economic Impact Payment. CLICK HERE to go to the official (and only) IRS.gov website to:

    • Check your payment status

    • Confirm your payment type: direct deposit or check

    • Enter your bank account information for direct deposit if we don't have your direct deposit information and we haven't sent your payment yet

  • CLICK HERE for information regarding:

    • Changes to the deadline for both filing your 2019 tax return and for making tax payments

    • Changes related to Installment Agreements and Offers in Compromise (OIC) with the IRS

Information for Small Businesses

 
  • CLICK HERE for relevant guidance on forgiveness of the SBA PPP Loan

 

  • CLICK HERE for information regarding paid sick leave and family medical sick leave

  • CLICK HERE for information regarding

    • SBA loans, programs and debt relief

    • Payroll tax credits and deferments

Local Resources

 

Other Useful Links

 

News

July 9, 2020 – Some businesses will thrive despite — or because of — market changes brought on by the COVID-19 crisis. One downside to owning a growing incorporated business is the tax on gains when you sell some, or all, of your shares. Operating as a qualified small business corporation (QSBC) can help lower the tax hit. Here are some key details.

July 2, 2020 – The economic fallout from the COVID-19 crisis increases the odds that rental properties will incur losses in 2020 — and possibly beyond. Fortunately, special tax relief provisions may soften the blow. Here's an overview of critical tax rules that apply to rental properties. Click here to read more.

June 25, 2020 – We all know now the IRS has extended until July 15, 2020, several key deadlines for the 2019 and 2020 tax years. The deferrals aim to help struggling businesses during the COVID-19 crisis. But, with the belated Tax Day fast approaching, can your business make any last-minute moves to lower its tax obligation for 2019? Are there other long-term planning strategies that business owners should consider in light of today's tax laws, recent economic relief measures and the November 2020 elections? Click here to read more.

June 23, 2020 - Many taxpayers may still be confused about which federal tax filing and payment deadlines have been postponed by the IRS — and there certainly are a lot of postponements to keep track of. Here is an overview of what's due by July 15, along with updated guidance on whether businesses that benefit from Paycheck Protection Program (PPP) loan forgiveness can defer payroll taxes.

June 5, 2020 - Congress just passed the PPP Flexibility Act which modifies some of the original terms of the PPP loan.  Click on the link below to see the provisions of that Act:

https://www.congress.gov/bill/116th-congress/house-bill/7010

In summary, the Act:

  • Makes PPP loans available through December 31, 2020

  • Extends the period during which PPP loan amounts may be forgiven from eight weeks to 24 weeks (but no later than December 31, 2020)

  • Broadens safe harbors to avoid reductions in PPP loan forgiveness on account of reductions in workforce or pay

  • Permits up to 40% of a borrower’s PPP loan forgiveness amount to be due to non-payroll costs, overriding an earlier administrative rule restricting non-payroll costs to, at most, 25% of a PPP loan forgiveness amount

  • Extends the term to maturity for PPP loans to 5 years for those loans issued on or after the date the Flexibility Act is enacted

  • Extends the deferral period from 6 months to a period ending on the date on which a borrower’s PPP loan lender is remitted the forgiveness amount associated with that loan

  • Permits a PPP loan borrower to defer payment of employer payroll taxes.

If you have question, please contact us for further information.

May 11, 2020 - An Economic Impact Payment made to someone who died, before the Payment was received, should be returned to the IRS.  Return the entire Payment unless the Payment was made to joint filers and one spouse had not died before receipt of the Payment, in which case, you only need to return the portion of the Payment made on account of the decedent. This amount will be $1,200 unless adjusted gross income exceeded $150,000. 

Click here for the detailed steps in how to return a Payment.

April 29, 2020 - The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already been filed. One retroactive provision can, in some cases, go all the way back to 2013. Some taxpayers that file amended returns may receive a tax refund from prior years. 

Here's the story of four retroactive CARES Act provisions that can potentially benefit you or your business entity after amended prior-year returns have been prepared and filed.

April 24, 2020 - Small businesses have lost billions of dollars during the novel coronavirus (COVID-19) pandemic. Those that had the foresight to purchase business interruption insurance to protect themselves from a disaster-related closing may want to file a claim as soon as possible. Unfortunately, it is likely that those claims will be denied — at least until the courts and lawmakers can address the issue. In the meantime, your business can take certain proactive measures to establish its rights as the legal landscape evolves. Here's the story.

April 15, 2020 - The coronavirus (COVID-19) pandemic has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls may be eligible for a new refundable 50% employee retention federal income tax credit. Is your organization eligible for this tax break? And, if so, how much will it help? Here's the story.

April 10, 2020 - The Treasury Department and the Internal Revenue Service today launched a new web tool allowing quick registration for Economic Impact Payments, for those who don’t normally file a tax return. The IRS reminds taxpayers that Economic Impact Payments will be distributed automatically to most people starting next week. Eligible taxpayers who filed tax returns for 2019 or 2018 will receive the payments automatically. Automatic payments will also go in the near future to those receiving Social Security retirement or disability benefits and Railroad Retirement benefits.

April 8, 2020 - The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides financial relief for people who are experiencing hardship due to the coronavirus (COVID-19) pandemic. One relief measure allows withdrawals of up to $100,000 from IRAs and qualified retirement plan accounts, with no tax hit, if those amounts are re-contributed within three years. CLICK HERE for the rules, along with news of the temporary suspension of the retirement account required minimum distribution rules.

President Trump has signed legislation to infuse the U.S. economy with roughly $2 trillion in financial relief during the coronavirus (COVID-19) pandemic. CLICK HERE to see the highlights of financial relief provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

 
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