COVID-19

Did you get an Economic Impact Payment that was less than you expected?

Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion. However, some people are still waiting for [...]

Did you get an Economic Impact Payment that was less than you expected?2020-05-19T13:34:42+00:00

Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded from gross [...]

Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible2020-05-18T15:09:45+00:00

Do you have tax questions related to COVID-19? Here are some answers

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can [...]

Do you have tax questions related to COVID-19? Here are some answers2020-05-05T13:48:58+00:00

The CARES Act liberalizes net operating losses

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis. NOL deductions Basically, you may be able to [...]

The CARES Act liberalizes net operating losses2020-05-04T14:13:03+00:00

Answers to questions you may have about Economic Impact Payments

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to get [...]

Answers to questions you may have about Economic Impact Payments2020-04-21T14:19:16+00:00

New COVID-19 law makes favorable changes to “qualified improvement property”

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December [...]

New COVID-19 law makes favorable changes to “qualified improvement property”2020-04-20T18:21:46+00:00

COVID-19: IRS announces more relief and details

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates [...]

COVID-19: IRS announces more relief and details2020-04-14T13:55:33+00:00

Relief from not making employment tax deposits due to COVID-19 tax credits

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the [...]

Relief from not making employment tax deposits due to COVID-19 tax credits2020-04-13T15:01:25+00:00

CARES ACT changes retirement plan and charitable contribution rules

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief, [...]

CARES ACT changes retirement plan and charitable contribution rules2020-04-07T13:49:28+00:00

Answers to questions about the CARES Act employee retention tax credit

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result [...]

Answers to questions about the CARES Act employee retention tax credit2020-04-06T15:15:45+00:00