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The IRS has created an online form for people who don’t normally file a tax return, known as non-filers. It’s a free and easy way to provide basic information so non-filers can receive their economic impact payment as soon as possible.
The Payroll Protection Program (“PPP”) has helped many small businesses survive around the country by providing funding for payroll and some other operating costs.
You, like all the other borrowers, immediately want to know how much of the loan proceeds can be forgiven. After all, “free” money is significantly more desirable than a loan, even if the interest rate is only 1%.
The Act provides a credit equal to 100% of the “Qualified Sick Leave Wages” paid by an employer.
Required Minimum Distributions (RMDs) are generally required to start from an employer retirement plan or IRA by April 1 of the year after the plan participant or IRA owner reaches age 70½ (age 72 for those who reach age 70½ after 2019). These required distributions continue throughout the life of the individual. However, due to CARES Act provisions, RMDs are not required in 2020 from IRAs and defined contribution plans (other than Section 457 plans
The IRS has indicated that Economic Impact Payments will be sent automatically to most people everyone
Congress passed several pieces of legislation with provisions to help small businesses shore up their coffers and keep employees on the payroll.
The Federal tax filing deadline for 2019 tax returns has been moved to July 15, 2020
If you want to attend a convention, seminar, or similar meeting onboard a cruise ship and deduct all your costs, you face some very special rules. But it can be done. When you know the tax code rules, you will find a workaround that removes almost all the hassle and gives you what you want.
Whether you’re running your own business or working as an independent contractor, you’ll soon realize that working for yourself isn’t just another job, it’s a way of life