We’ve been talking a lot about U.S. Small Business Administration (SBA) low-interest federal disaster loans lately. If your business has been adversely affected by COVID-19, an SBA disaster loan could be a viable solution. $50 billion in funding has been set aside for the program which offers up to $2 million in assistance for each …
Under the Families First Coronavirus Response Act (Act) (H.R. 6201), employees (and the self-employed) can claim a refundable federal tax credit to recover 100% of any COVID-19 related sick time payments but confusion continues on how and when exactly employers recoup that loss. The IRS says employers can subtract the cost of the sick time …
Not only have states become more aggressive in collecting all sorts of taxes since the Wayfair decision passed, they have generally become more successful in their lawsuits as well. In 2019 and 2018, taxpayers prevailed on their significant SALT cases at 38.1 percent and 36.8 percent, respectively, while in 2017 and 2016 the percentages were …
On March 30, 2020, Governor Doug Ducey issued the state of Arizona a Stay home, Stay healthy, Stay connected order. He’d previously issued clearance on who is considered essential personnel during the COVID-19 crisis. Essential personnel includes those who work for: Health care and public health operations, including hospitals, public health entities, distributors of personal …
Now that COVID-19 has been declared a national emergency, Internal Revenue Code Section 139 allows employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.” This is how it works. Qualified disaster payments are payments that wouldn’t normally be reimbursed by insurance to help an employee with expenses related to a qualified disaster …
In response to the coronavirus pandemic, congress passed The Families First Coronavirus Response Act (H.R. 6201), which became law on March 18, 2020. The act is an emergency measure set to expire in late 2020. In a bid to help mitigate the pain individuals and companies are feeling during the pandemic, the act seeks to provide …
In line with the change to the federal tax filing deadline, the Arizona Department of Revenue (ADOR) moved the deadline for filing and paying state income tax from April 15 to July 15, 2020. The new deadline applies to individual, corporate and fiduciary tax returns and means taxpayers filing state tax returns or submitting payments …
Rumors about a possible Internal Revenue Service (IRS) extension of the April 15 tax deadline finally came to fruition this week. Due to the unprecedented coronavirus (COVID-19) crisis, the IRS is deferring deadlines for tax payments. Don’t miss: Treasury throws business life preserver in coronavirus storm In a statement released on Wednesday, Treasury and the …
Before 2019’s SECURE Act, you could not contribute to a traditional IRA account in the year you turned 70 1/2 and later years. Under the new SECURE Act, this age limit is repealed for contributions starting in 2020. Don’t miss: SECURE Act changes deadline for retirement plan As life expectancy for the average person increases, …
In IRS Tax Tip 2019-170, the IRS laid out the tactics of phishing scammers and how to look out for them. A phishing scam is intended to trick users by disguising an email or website to look legitimate, convincing the users to provide personal information or click on unsolicited links. These emails can come to …
The new revenue recognition standard takes effect for most private companies in 2019, but you can’t wait until then to learn about this. Download our new e-Book now.
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