by Admin | Nov 6, 2020 | Business Taxes, COVID-19
The IRS released guidance recently (IRS Notice 2020-65) that provides some clarification on the payroll tax deferral for employees that can be withheld starting September 1, 2020 through December 31, 2020. The Notice indicates that the employer would recapture this...
by Admin | Nov 6, 2020 | Business Taxes, COVID-19
This deferral, which was intended to put more money in people’s pockets, is troublesome for all. For example, an employee making $800 per week, would see an extra $49.60 in their weekly paycheck until December 31, 2020. Let’s assume their take home net pay...
by Admin | Oct 23, 2020 | Business Taxes, COVID-19, Individual Taxes
If you’re wondering what happen to your completed tax return you mailed in months ago or the tax payment you made a few weeks ago hasn’t been cashed yet, do not fret. As of October 2, the IRS is experiencing an unopened mail backlog of around 5 million pieces of...
by Admin | Oct 13, 2020 | Business Taxes, COVID-19, PPP Loans & EIDL Loans
The US Small Business Administration & US Treasury Department released guidance this week clarifying that recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application form. ...
by Admin | Oct 13, 2020 | Business Taxes, COVID-19, PPP Loans & EIDL Loans
The US Small Business Administration released additional guidance on September 30, 2020 clarifying the deferral period for payments on all Payroll Protection Program (PPP) loans. The original promissory note indicated a six-month deferral for payments on the...
by Admin | Aug 21, 2020 | Business Taxes, COVID-19
President Trump recently signed an Executive Order calling for a payroll tax holiday on the employees portion of the payroll tax starting on September 1. While this 4-month reprieve might sound enticing to your employees, we discourage all our business clients from...
