The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the Paycheck Protection Program and the payroll tax credit.
The Financial Accounting Standards Board (FASB) recently issued Accounting Standards
Update (ASU) No. 2020-07: Presentation and Disclosures by Not-For-Profit Entities for
Contributed Nonfinancial Assets. This article provides a summary of the ASU.
The U.S. Small Business Administration, in conjunction with the U.S. Treasury Department, recently announced a simpler, more streamlined application (Form 3508S) for the forgiveness of Paycheck Protection Program (PPP) loans of $50,000 or less.
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations.
While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options.
On Saturday, August 8, 2020, the President issued four executive actions to provide relief from the economic strains caused by COVID-19. Of these four directives, one was an order and the other three were memorandums. This article focuses on the deferment of taxes but gives a brief overview of the other three directives as well.
In June, the IRS announced (Notice
2020-51 (PDF)) that anyone who has already taken a required minimum distribution (RMD) at any point in 2020 can roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.
The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it’s time to think about your current federal tax situation. Tax planning is especially complicated for 2020.
The Main Street Lending Program has been launched and the Paycheck Protection Program has a new, streamlined loan forgiveness application. This article contains a summary on both programs.
Certain types of expenses, such as automobile, travel, meals and office-at-home expenses, require special attention because they’re subject to special recordkeeping requirements or limitations on deductibility.
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