Small business owners, self-employed workers, and freelancers received some welcome news when Congress recently passed the Paycheck Protection Flexibility Act. This new law clarifies how businesses can qualify to have all or a portion of its Paycheck Protection Program (PPP) loan forgiven. Here is what you need to know: December 31, 2020 is the newRead more about An Update on PPP Loan Forgiveness[…]

Millions of Americans already received their economic impact payment. If you haven’t received yours, or if your economic impact payment was for an incorrect ammount, you might need to take action so that you can receive yours. Below are some common reasons why your stimulus payment may be incorrect, and how to fix the error.Read more about Tracking Down a Missing Stimulus Payment[…]

A lot of people may be surprised, for different reasons, to find that they owe an estimated tax payment to the federal government this month. Those who usually file estimated tax payments may be surprised to learn that the estimated tax payment deadline has been postponed to July 15 due to coronavirus relief. Those whoRead more about Some Estimated Tax Payments Due July 15[…]

The IRS has issued a warning to the public to be on the lookout for a surge of calls and e-mail phishing attempts related to the coronavirus pandemic and the one-time economic impact payment. The IRS says that scammers may do the following when trying to contact you: Emphasize the words stimulus check or stimulusRead more about Beware of COVID-19 Tax Scams[…]

Several new laws provide economic relief to individuals and businesses hardest hit by this year’s pandemic. This much-needed financial assistance, however, comes with a few strings attached. Here are three potential surprises you should be prepared for if you use the available economic relief packages: Getting a tax bill for unemployment benefits. While the $1,200Read more about Be Prepared for Pandemic Tax Surprises[…]

Tens of millions of people find themselves without a job due to the ongoing coronavirus pandemic. If you are one of them, you might be looking for ways to get the funds you need to get through until you find employment. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you may be ableRead more about Think Twice Before Using Retirement Savings as an Emergency Fund[…]

Over the past several weeks, millions of Americans have lost their job due to the coronavirus. In response to this unprecedented level of unemployment, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides individuals and businesses financial relief caused by the pandemic. If you find yourself among the millions of newlyRead more about COVID-19 Unemployment Questions and Answers[…]

In response to the COVID-19 pandemic, the government is sending $1,200 to single taxpayers with income less than $75,000 ($98,000 with phaseouts). $2,400 is being sent to married taxpayers with income less than $150,000 ($198,000 with phaseouts). An additional $500 is being sent for each child under the age of 17. The payments are basedRead more about Ensure You Receive Your Stimulus Payment[…]

COVID-19 has changed everyone’s schedule, including the government’s. As we wrote about last month, there have been a number of tax-related changes made this year in response to the pandemic. There have been so many changes, in fact, that we thought it might be helpful to provide an overview of the key changes that haveRead more about Overview of 2020 Coronavirus Tax Changes[…]

The Families First Coronavirus Response Act (FFCRA), which was recently signed into law, requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s Wage and Hour Division administers and enforces the new law’s paid leave requirements. These provisionsRead more about Families First Coronavirus Response Act for Employers[…]