Posted on July 01, 2020
by
Karen Lake
Businesses that were forced to close their offices and send employees home to work remotely during the COVID-19 pandemic must consider how those actions may impact their state and local tax payment and reporting obligations. Just one employee telecommuting from a state outside his or her usual work location may be enough to trigger a […]
Posted on June 26, 2020
by
Rick Bazzani
The COVID-19 pandemic has not slowed the pace of financial crimes targeting taxpayers. In fact, the IRS Criminal Investigation division (CI) has noted an increase in coronavirus-related scams seeking to steal taxpayers’ money and personal information. Reducing your risks of falling victim to these schemes requires you to take precautionary measures to secure your data […]
The July 15, 2020, extended deadlines for filing 2019 federal income tax returns is right around the corner, but there is still ample time for taxpayers to identify their eligibility for new or expanded tax credits and deductions and pay the appropriate amount of taxes due. Taxpayers may request an additional three months to prepare […]
The SBA this week released another round of guidance relating to the Paycheck Protection Program, including two new applications borrowers must use when seeking forgiveness of loan amounts. These updates reflect borrower-friendly changes contained in the recently enacted PPP Flexibility Act of 2020. New Applications for Loan Forgiveness In addition to issuing a revised, long-form […]
Posted on June 16, 2020
On June 15, 2020, the Small Business Administration (SBA) announced the reopening of its Economic Injury Disaster Loan (EIDL) program, which includes forgivable advances of up to $10,000, to help small businesses and nonprofits ease cash flow challenges resulting from the COVID-19 pandemic. The program, first introduced on March 27, had been suspended temporarily to […]
Posted on June 02, 2020
by
Jack Winter
The financial impact of the COVID-19 health crisis will leave a lasting impression on individuals and businesses throughout the world. For nonprofit organizations that rely on public donations to fund research and services for those in need, the pandemic can be devastating. In response, the CARES Act offers U.S. individuals and businesses greater incentives to […]
Deciding how to title Florida homestead can be a vexing issue, especially for single property owners, including individuals who become unmarried due to death or divorce. In Florida, homestead designation provides state residents with incredible benefits, including the ability to protect a primary residence from creditors as well as a Save our Homes assessment cap […]
Posted on May 26, 2020
by
Jack Winter
When filing federal tax returns and claiming credits that can reduce your tax liabilities, remember that dependents are not limited to your young children. The Tax Cuts and Jobs Act (TCJA) introduced a nonrefundable tax credit for other dependents who receive more than half of their financial support from you and who may or may […]
Posted on May 21, 2020
by
Adam Cohen
One of the unanticipated consequences of the COVID-19 pandemic has been a change to the actual healthcare expenses employees estimated when they made irrevocable salary-reduction elections to employer-sponsored cafeteria plans. In response, the IRS has issued a series of guidance offering taxpayers more time and flexibility to make mid-year changes to flexible spending arrangements (FSAs) […]
Posted on May 20, 2020
by
Joanie Stein
The CARES Act lifts restrictions on 401(k) plans, IRAs and certain other retirement savings plans to provide plan participants with immediate financial assistance and make it easier for employers to adopt these critical relief provision. It is important for plan sponsors to weigh the benefits of these relief measures and recognize the specific administrative rules they […]
