Category: COVID-19

Updated guidance on the employee payroll tax deferral

In late January, the IRS updated Notice 2020-65. It provides guidance regarding an executive memorandum signed last summer that allowed employers to defer the withholding, deposit and payment of certain payroll tax
Read More

PPP loans have reopened: Let’s review the tax consequences

The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis
Read More

How the new COVID-19 relief law affects retirement benefits

The Consolidated Appropriations Act (CAA) includes a wide variety of provisions that address the ongoing economic hardships caused by the COVID-19 pandemic. There are so many provisions, in fact, that you may
Read More

Educate yourself about the revised tax benefits for higher education

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you
Read More

Can your business benefit from the enhanced Employee Retention Tax Credit?

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended
Read More

The COVID-19 relief law: What’s in it for you?

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act,
Read More

New law doubles business meal deductions and makes favorable PPP loan changes

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are
Read More

CARES Act made changes to excess business losses

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file
Read More

The President’s action to defer payroll taxes: What does it mean for your business?

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort
Read More

Will your organization’s health insurance still be “affordable” next year?

The IRS recently announced 2021 indexing adjustments for some critical percentages under the Affordable Care Act (ACA). This makes now a good time to review whether your organization is an applicable large
Read More