To help individuals stay afloat during this time of economic uncertainty, the government will send up to $1,200 payments to eligible taxpayers and $2,400 for married couples filing joints returns. An additional $500 additional payment will be sent to taxpayers for each qualifying child dependent under age 17 (using the qualification rules under the Child Tax Credit).
Employee retention credit for employers
Eligible employers can qualify for a refundable credit against, generally, the employer’s 6.2% portion of the Social Security (OASDI) payroll tax (or against the Railroad Retirement tax) for 50% of certain wages (below) paid to employees during the COVID-19 crisis.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains immediate payroll tax relief to certain employers. The employee retention credit cannot be utilized by an employer who receives a section 7(a) SBA loan or CARES loan.
In response to the coronavirus pandemic and following the lead of the IRS, Glenn Hegar, Comptroller for the State of Texas, announced that state franchise tax filings that are ordinarily due on May 15th are extended until July 15th.
On Friday, March 27th, the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the Act) passed the U.S. House of Representatives and was signed into law by the president.
The CARES Act is possibly the most sweeping economic stimulus package ever and is an ambitious and much-needed shot in the arm to a flagging economy hobbled by the coronavirus.
On Wednesday, March 18, 2020, the U.S. Senate passed H.R. 6201, Families First Coronavirus Response Act, which was signed shortly thereafter by the president. Now that the bill is signed into law, here are some key provisions affecting small businesses set to take effect by April 2nd.
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.
Signed into law this past December, the Tax Cuts and Jobs Act (TCJA) is the most sweeping federal tax legislation since 1986. It includes significant changes for individual taxpayers, many of which will have a major impact on higher-income taxpayers like physician practice owners. Here are some of the most notable changes.
On the campaign trail, President Trump pledged that tax reform under his leadership would target carried interests — more widely known in the real estate industry as the “promote” in partnership agreements or operating agreements for limited liability companies (LLCs) that are treated as partnerships for tax purposes. In the end, the Tax Cuts and Jobs Act (TCJA) only modifies the rules for carried interests, largely preserving their favorable tax treatment, rather than eliminating that treatment.
Ready or not, here it comes. Starting in 2019 for public companies (2020 for private companies), the way leases are accounted for and reported will change. These changes can impact the financial statements of lessees. While the implementation date might seem far away in the future, companies should start preparing for the changes in order to achieve a smooth transition.