Be Prepared for Pandemic Tax Surprises

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[…]

Think Twice Before Using Retirement Savings as an Emergency Fund

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[…]

COVID-19 Unemployment Questions and Answers

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[…]

Families First Coronavirus Response Act for Employers

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[…]

IRS Adjusts Compliance Efforts Due to COVID-19

To help people facing the challenges of COVID-19 issues, the Internal Revenue Service recently announced a new program to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. This new program, called the “IRS People First Initiative”, is meant to help people facing uncertainty overRead more about IRS Adjusts Compliance Efforts Due to COVID-19[…]