PPP and COVID-19 Tax Updates and Information

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COVID APCP

PPP Loan Forgiveness Application Released — What is APCP?

Posted on May 18th, 2020

As expected, the SBA released a copy of the PPP loan forgiveness application. While there are still many unanswered questions, some have been addressed, as well as providing several shortcuts and relief in other areas. Read More…

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COVID tax relief

4 Tax-Saving Provisions for S Corporations Under COVID-19

Posted on May 7th, 2020

To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic.

Many of my clients own and operate S corporations and expect the tax law to treat them differently, as it does with their health insurance deduction.

Perhaps you, too, would like us to help clarify which of the COVID-19 tax benefits the S corporation owner can use to put cash in his or her pocket. Here’s a list as of 5/6/2020. Read More…

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COVID-19 Tax News

Self-Employment COVID-19 Relief and Tax Benefits

Posted on May 6th, 2020

If you are in business for yourself—say, as a corporation or self-employed—payroll taxes and self-employment taxes are likely two of your biggest tax burdens.

Here’s some possible good news: Congress decided to give you significant relief from these taxes due to the COVID-19 pandemic. We’ll tell you what relief options are available and whether or not you qualify. Read More…

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Tips for Deducting Medical and Dental Expenses

Posted on May 5th, 2020

If you, your spouse, or dependents have significant medical or dental costs in 2019, you may be able to deduct those expenses when you file your tax return this year. Here are eight things you should know about medical and dental expenses and other benefits: Read More…

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COVID Job Loss Could Affect Your Tax Situation

Posted on May 4th, 2020

If you’ve lost your job you may have questions about how it could affect your tax situation. Here are some answers: Read More…

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Ready to File? This Tax Records Checklist Will Help

Posted on May 4th, 2020

If you’re a taxpayer who has not yet filed their 2019 tax return, you may be getting ready to do so now. One of the first things you will need to do – before visiting your tax preparer – is to gather all of your year-end income documents. Doing so ensures that your tax return is complete and accurate.

Here are some of the documents taxpayers need to have on hand: Read More…

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9 Useful Facts About the Adoption Tax Credit

Posted on May 3rd, 2020

Parents who adopted or started the adoption process during 2019 may qualify for the adoption credit. Generally, the credit is allowable whether the adoption is domestic or foreign. However, the timing rules for claiming the credit for qualified adoption expenses differ, depending on the type of adoption. Read More…

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Small Business: Tax Consequences of Crowdfunding

Posted on May 3rd, 2020

With the onset of the coronavirus pandemic, crowdfunding websites such as Kickstarter and GoFundMe have become an increasingly popular way for small business owners to stay afloat. The upside is that it’s often possible to raise the cash you need; the downside is that the IRS considers that money taxable income. Let’s take a closer look at how crowdfunding works and how it could affect your tax situation. Read More…

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Deductions wile working from home

What Expenses Can I Write Off Working From Home During the Pandemic?

Posted on May 2nd, 2020

Robert Russo’s interview in The Daily Beast

A guide to defraying rent and utilities when your office is also your abode.

It’s the question on every sweatpants-clad telecommuter’s mind, right after What should I have for lunch? and Will I get laid off soon?

Can people lucky enough to have jobs but stuck working at home during the pandemic catch a break on rent and utilities for what now amounts to their office? Read More…

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Relief for Businesses with Net Operating Losses

Posted on May 2nd, 2020

Taxpayers with net operating losses (NOLs) form a business are provided tax relief under the CARES Act. Tax relief for partnerships filing amended returns is provided as well. Let’s take a look at three key points: Read More…

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Employee Retention Credit Could Help Your Business

Posted on May 2nd, 2020

Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000 that are paid by an eligible employer. Read More…

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Additional Tax Deadlines Extended to July 15

Posted on May 1st, 2020

As a reminder, taxpayers now have until July 15, 2020, to file and pay federal income taxes originally due on April 15 and no late-filing penalty, late-payment penalty, or interest will be due. Due to the coronavirus pandemic, this relief has been expanded to include additional returns, tax payments, and other actions:

  • All taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020.
  • Individuals, trusts, estates, corporations, and other non-corporate tax filers now qualify for the extra time.
  • Americans who live and work abroad can now wait until July 15 to file their 2019 federal income tax return and pay any tax due.

Read More…

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Tax Due Dates 2021

Tax Due Dates for May 2020

Posted on May 1st, 2020

The deadline for filing federal tax returns, as well as the tax payment deadline, has been extended from April 15 to July 15 due to the disruption caused by the coronavirus pandemic. Don’t hesitate to call with any questions or concerns.

Read More…

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