COVID-19 News

• • Working towards a paperless workplace
  • Establishing at-home and in-office roles
  • Communicating constantly and efficiently
  • Fostering a renewed sense of company culture

Ask any accountant and they’ll all tell you the same thing: 2020 has been the most unprecedented, interesting, and … Continue reading

• • Executive order defers, but did not eliminate, an employer’s Social Security tax liability
  • Applies to people who “generally” make less than $4,000 every two weeks ($104,000 annually)
  • Long-term goal of US Treasury is to have this forgiven
  • Lawmakers on both

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• • Student loan payment relief extended until 2021
  • Defer payroll taxes for wages less than $100K per year until 2021
  • Unemployment benefits extended at a new rate of $400 per month
  • Protection for homeowners and renters against eviction

While Congress remains … Continue reading

• • Deadline to apply for PPP loan is August 8; congress republicans pushing to extend for hardest hit small businesses
  • $130 billion allocated for the loan remains unspent: what to do with extra cash?
  • Treasury has released an FAQ for borrowers

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• Up to $300 write-off for individuals taking standard deduction
• Up to 100% of adjusted gross income (AGI) can be deducted from cash donations
• Pass-through entities can deduct up 25% off of food donations
• C corporation contribution cap bumped to 25%

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• • US AG issues stern warnings to companies who aid and abet CCP propaganda
  • Businesses would be forced to register under the Foreign Agents Registration Act (FARA)
  • Amplified rhetoric comes as the conflict intensifies between US, China amid COVID-19

In what … Continue reading

• • Dissatisfaction across the board with Trump’s latest proposal for coronavirus relief
  • Payroll tax-cut would fail to benefit those most in need; workers to bare financial burden
  • Virus prevention remains the chief method for controlling economic stability

Lawmakers and economists across … Continue reading

• • Healthy Workplaces Tax Credit Act will provide businesses with refundable tax credits
  • 50% of costs incurred due to pandemic covered through payroll taxes
  • Up to $1,000 per employee for small to medium-sized businesses

On Monday, U.S. Senator Rob Portman (R-OH) … Continue reading

• • IRS data showed a 56% drop in filings for households with incomes over $1 million
  • Overall, tax filings by mid-May 2019 fell by 14% due to Tax Day delay
  • Data consistent with overall tax filing patterns established in the past

… Continue reading