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The CARES ACT provides help to individuals, large businesses and small businesses. For individuals, the Cares Act provides the following: β’ Recovery Rebate-Provides $1,200 to individuals filing as singles and $2,400 to joint filers. $500 for each qualifying child. Limitations apply. β’ Student Loan Payments Suspended & Interest Waived- All borrowers with federally held student […]
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The CARES ACT provides help to individuals, large businesses and small businesses. For small businesses, the Cares Act provides the following loan and grant programs: β’ Paycheck Protection Program (PPP) Loans-Helps business cash-flow with 100% federally guaranteed loans to maintain payroll. The loans are forgiven if payroll is maintained during emergency. β’ Small Business Debt […]
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In response to the present situation, the due date for filing Federal income tax returns and making tax payments was automatically postponed to July 15, 2020. But that triggered a number of questions by taxpayers and tax professionals. Questions dealing with eligibility, filing & paying procedures, interest, penalties, IRAs, retirement plans, refunds and estimated payments. […]
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The Department of Education has announced that all borrowers with federally held student loans will automatically have their interest rates set to 0% for a period of at least 60 days. In addition, each of these borrowers will have the option to suspend their payments for at least two months to allow them greater flexibility […]
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In response to the present situation, the due date for filing Federal income tax returns and making tax payments is automatically postponed to July 15, 2020. There is no limitation on the amount of the payment that may be postponed. This applies to individuals, trusts, estates, partnerships, associations, companies or corporations. The postponement applies solely […]
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A Streamlined Reinstatement and Dissolution Service is available from March 1, 2020 to June 15, 2020. This limited time program allows businesses that are revoked for failing to comply with the Stateβs annual reporting requirements to reinstate or end their business without the need to go through multiple steps which include obtaining a tax clearance […]
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The IRS has established a website to help taxpayers, businesses and others affected by the coronavirus. Relevant portions of The Families First Coronavirus Response Act (HR 6201), passed by the House on 3/14/2020 and awaiting the Senateβs return, should appear on the website after passage. For other information about the COVID-19 virus, people should visit […]
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The IRS will visit more taxpayers who haven’t filed tax returns for prior years in an effort to increase tax compliance. To find non-filers, The IRS is using the following methods: β’ Increasing the identification and case creation for individual and business non-filers. β’ Automated Substitute for Return program (ASFR). The IRS prepares a substitute […]
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The IRS recently issued proposed regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for entertainment expenses, but it didnβt change the law relating to the deductibility of business meals. So, taxpayers generally may continue to deduct […]
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The General Accountability Office (GAO) has reviewed the IRSβs response to the 2017 Tax Cuts and Jobs Act. And itβs good and bad for the IRS. The IRS was good at internal collaboration. This resulted in faster decision-making on time-sensitive guidance resulting in sorely-needed regulations for many new laws. The bad for the IRS is […]