April 20, 2020
The effective dates of the SASs were for audits of private company financial statements for periods ending on or after December 15, 2020. The deferral means that effective dates now apply for periods ending on or after December 15, 2021.
April 20, 2020
Their $1,200 payments will be issued soon and, in order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law,
April 20, 2020
The American Institute of CPAs (AICPA) has submitted seven recommendations to the Department of the Treasury and the Internal Revenue Service (IRS) calling for much needed clarity and guidance in how small businesses should apply certain employee ...
April 20, 2020
The new Coronavirus Aid, Relief, and Economic Security (CARES) Act provides some much-needed relief for businesses hindered by a cap on business interest deductions. Icing on the cake: The tax changes are retroactive to 2019.
April 18, 2020
“Get My Payment” will show the projected date for when a deposit is scheduled, similar to the “Where’s My Refund” tool many taxpayers have previously used.
April 17, 2020
Veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA will receive a $1,200 Economic Impact Payment with no further action needed on their part. Timing on the payments is still being determined.
April 17, 2020
The FFCRA covers the costs of this paid leave by providing small businesses with refundable tax credits. Certain self-employed individuals in similar circumstances are entitled to similar credits.
April 17, 2020
During the first 10 days of the federal government’s small-business rescue program, the spigot was wide open in Nebraska. Firms there got enough money to cover about three-fourths of the state’s eligible payrolls. It was a different picture in New York.
April 16, 2020
Specifically, researchers asked a group of 15 influential individuals working in local, regional and international public accounting firms about when they recognized the seriousness of the crisis, how the pandemic has affected their client and ...
April 16, 2020
The Tax Blotter is a roundup of recent tax news and court rulings.
April 16, 2020
With reports that the PPP’s initial $349 billion pool of funds will be fully subscribed as early as today, the need for quick and decisive action by Congress is clear. Small businesses are the nation’s economic engine and supporting and stabilizing ...
April 15, 2020
At last, The Treasury issued guidance related to self-employed individuals and how the Paycheck Protection Program (“PPP”) applies to them. If you remember, the initial CARES Act language included 1099s as part of payroll costs for small businesses ...