“The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.” Learn more here.
Order of the Secretary of the Pennsylvania Department of Health Directing Public Health Safety Measures for Businesses Permitted to Maintain In-person Operations “Recognizing that certain life-sustaining businesses in the Commonwealth must remain open despite the need for strong mitigation to slow the spread of the virus, I am ordering certain actions to be taken by … Read more
by Lucas Rihely, CPA, Partner The CARES Act provided employers an opportunity to defer payment of its 6.2% employer Social Security taxes on wages paid to employees during 2020. However, the Act provided that employers who had a Paycheck Protection Program (PPP) loan forgiven would be ineligible to participate in the deferral. On Friday, April … Read more
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the … Read more
The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional … Read more
This H2R CPA webinar was presented live on April 9, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary Join our online session to learn about the SBA lending options under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the related tax … Read more
This H2R CPA webinar was presented live on April 6 & 7, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary Join our online session to learn about the employee paid leave requirements under the Families First Coronavirus Response Act and related tax and … Read more
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) allocates nearly $350 billion to a new lending program through the Small Business Administration (SBA), aimed at helping employers cover their payrolls during the coronavirus (COVID-19) pandemic. The loans under the Paycheck Protection Program (PPP) are subject to 100% forgiveness if certain criteria are satisfied, … Read more
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result … Read more
The U.S. Treasury Department has released guidance and the loan application for the much anticipated Paycheck Protection Program. Applications will start to be accepted, for most applicants, on Friday, April 3, 2020. Prospective applicants will need to review the application and start gathering the required information as soon as possible. It is important to note … Read more