The IRS created a flow chart to help employers navigate the new tax credits due to the COVID-19 pandemic. Each situation with each of your employees may be unique. Always consult a tax advisor before filing with the IRS. Book a phone consultation with our staff today.
Every day it seems we are faced with changing rules from the SBA, US Treasury, Congress, etc., leaving small business owners (and thier accountants) to interpret these new laws. The Paycheck Protection Program (PPP) "forgivable" loan has been an amazing program for many businesses facing a downturn in these troubling [...]
Original Article: https://www.barnesdennig.com/2020/05/forgiven-ppp-expense-proceeds-not-deductible/ According to new guidance issued by the IRS, (Notice 2020-32) expenses paid for with debt that is forgiven will not be tax-deductible. That means that if you received a Paycheck Protection Program (PPP) loan and spent the money on qualifying expenses, and the entire amount of the [...]
Although not officially announced, sources are reporting that the SBA's current $10,000 Advance program for sole proprietors and small businesses isn't what it seems. The $10,000 grant falls under the Economic Injuty Disaster Loan program. Originaly advertised as a no questions asked advance of $10,000 that doesn't have to be [...]
Link to Original Article: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here Who is eligible for the Economic Impact Payment? U.S. citizens or resident aliens who: Have a valid Social Security number, Could not be claimed as a dependent of another taxpayer, and Had adjusted gross income under certain limits. Who will receive the Economic Impact Payment [...]
At AFSG, we know that the novel coronavirus (COVID-19) has not spared anyone. Individuals, families, small businesses, gig-workers, sole-proprietors, employers... Everyone has been impacted by this pandemic. Finding the most current information has been tough. We will try to keep this webpage as up to date as possible with FACTS, [...]
Issue Number: IR-2020-58 Source: IRS.gov Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed WASHINGTON – The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to [...]
Issue Number: IR-2020-57 Source: IRS.gov Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave WASHINGTON – Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. [...]
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy. Learn more by visiting the Small Business Administration's website: https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19 Details include: Economic Injury Disaster Loan [...]
IRS Tax Tip 2020-32 Taxpayers should be aware that aggressive criminals pose as IRS agents in hopes of stealing money or personal information. The tax filing season is a prime time for phone scams because people are thinking about taxes. Here are some tell-tale signs of a tax scam along [...]
