CARES Act: Recovery Rebates 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

CARES Act Paycheck Protection Program Loan Applications NOW Available!

Information continues to come from the U.S. Treasury and the U.S. Small Business Administration about much-needed relief for American small businesses. For a refresher on the key loan options available for small businesses, please see LGT’s analysis of the Paycheck Protection Program (PPP) here, the Emergency Economic Injury Disaster Loan (EIDL) program here, and a comparison of the two types of loans here. Applications for EIDLs are already available online for download, and now so is the PPP Application Form! Before diving in to complete the application, however, take a few minutes to get familiar with some key provisions of the PPP application and process below, and don’t forget to download and review the full PPP Information Sheet from the U.S. Treasury.

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

The CARES Act Update: Paycheck Protection Program

Posted by Brad Gross, CPA, Partner of Tax Services on Mar 28, 2020

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.

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

LGT's Shelter-in-Place Modification

Posted by Lee Ann Collins, CPA, Managing Partner on Mar 24, 2020

Throughout the coronavirus pandemic, we’ve worked diligently to keep you informed about developments that affect you and your business. Late Sunday evening, Judge Clay Jenkins communicated out a shelter-in-place order for all of Dallas County, except for select essential businesses through at least April 3, 2020.

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Topics: Firm News, Tax, coronavirus, breakingnews

Tax Filing Deadline Extension

On Friday, March 20th, Treasury Secretary Steve Mnuchin tweeted that the IRS is moving the tax filing deadline from April 15th to July 15th matching this week’s earlier guidance regarding tax payments due. In a subsequent tweet, the IRS confirmed the move aimed to provide relief for taxpayers affected by the coronavirus pandemic. The move, backed by bipartisan groups in Congress, will afford taxpayers and tax preparers more time to complete returns as many states and localities are affected by office closures and thus have limited access to files and documents needed to file timely.

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Topics: Tax, coronavirus, breakingnews

Information on the new Families First Coronavirus Response Act

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.

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Topics: Firm News, Accounting Tips, Tax, IRS, coronavirus, breakingnews

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