Latest with the IRS Guidance on Payroll Tax Deferral

On August 8, 2020, President Trump issued a memorandum authorizing the deferral of payroll taxes for certain employees from September 1, 2020 through December 31, 2020. On August 28th, the IRS released Notice 2020-65 providing guidance to employers about how to implement the deferral. While helpful, the guidance still leaves many open questions about the practical implementation of the deferral and the risks to employers participating in this program.

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Topics: Tax, IRS, small business, LGT, COVID-19, payroll, deferral

What Does Trump’s Payroll Tax Deferral Plan Mean For You?

On August 8, 2020, President Trump issued a memorandum to the Secretary of the Treasury authorizing the deferral of payroll taxes for certain employees from September 1, 2020 through December 31, 2020. Unfortunately, the memorandum leaves many more questions than answers for employers, making participation in the program an uncertain endeavor. The below discussion highlights what we know so far and what we need to learn before September 1st.

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Topics: Accounting Tips, Tax, COVID-19, payroll

Paycheck Protection Flexibility Act

Article Update: As of June 5, 2020, the president signed the Paycheck Protection Program Flexibility Act into law.

On June 4, 2020, the U.S. Senate passed the House version of a bill designed at providing more flexibility for borrowers that are utilizing the Paycheck Protection Program loans to keep their businesses afloat during the COVID-19 pandemic. With unanimous bipartisan support, the bill now passes to the president, who is expected to sign.

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Topics: Accounting Tips, Tax, coronavirus, COVID-19, CARES Act, Paycheck Protection Program, Paycheck Protection Flexibility Act, PPF, PPP Loan

Pivotal Guidance Regarding the PPP Loan Forgiveness

On Friday, May 22, 2020, the Small Business Administration issued a pair of documents containing much-needed guidance for borrowers and lenders participating in the SBA’s Paycheck Protection Program (PPP).

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Topics: Accounting Tips, Tax, coronavirus, COVID-19, CARES Act, Paycheck Protection Program

You Have Your PPP Loan, Now What?

This article was co-authored by Collin Kanelakos, Partner, Assurance Services.

 

So, you’ve submitted your SBA Paycheck Protection Program (PPP) application and you might have even received your loan proceeds, but important work still remains. It is critical for you to closely manage and account for your PPP loan proceeds, not just for cash flow purposes but for accounting purposes in order to apply for your PPP loan forgiveness. The amount of documentation you will ultimately need for the forgiveness component of this loan will be substantial, so get your process in place now to shorten the lag of this ultimate forgiveness.

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Topics: Accounting Tips, Tax, coronavirus, COVID-19, CARES Act, Paycheck Protection Program

CARES Act: Economic Impact Payments for Individuals

Posted by Lee Ann Collins, CPA, Managing Partner on Apr 7, 2020

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).

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Topics: Accounting Tips, Tax, coronavirus, COVID-19, CARES Act

CARES Act: Business-Only Provisions

Posted by Lee Ann Collins, CPA, Managing Partner on Apr 7, 2020

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.

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Topics: Accounting Tips, Tax, coronavirus, COVID-19, CARES Act

CARES Act: Employee Retention Credit

Posted by Matt Peck, CPA, Partner, Tax Services on Apr 2, 2020

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.

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Topics: Accounting Tips, Tax, coronavirus, COVID-19, CARES Act

Comptroller’s Office Extends Texas Franchise Tax Deadline

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.

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Topics: Accounting Tips, Tax, SALT, coronavirus, COVID-19, CARES Act

Families First Coronavirus Response Act Deadline Approaching

Posted by Shea Kracheck, CPA, Partner, Tax Services on Mar 31, 2020

While a lot of recent attention focused on the stimulus package contained in the Coronavirus Aid, Relief & Economic Security (CARES) Act signed into law late last week, remember that a significant deadline related to the new Families First Coronavirus Response Act (Families First) is rapidly approaching.  

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Topics: Tax, coronavirus, COVID-19, CARES Act, Families First Coronavirus Response Act, FFCRA

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