Insights
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2016 Protective Refund Claim – ACA Taxes
July 14, 2020
Recent months have been punctuated by new legislation owing to continual shifts in the economic landscape. More changes could be on the horizon. The 2010 Patient Protection and Affordable Care Act (ACA) imposed a “shared responsibility payment” for individuals that did not maintain “minimal essential health coverage”. In 2017, the Tax Cuts and Jobs Act […]
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2020 Estimated Tax Payments
July 2, 2020
The 2020 Q1 and Q2 estimated payment deadline is quickly approaching on July 15th, 2020. Many of you have already received your 2019 tax returns and 2020 estimates, and the rest are forthcoming. Typically, we set most clients up under a prior year safe harbor where 110% of prior year tax is paid in throughout […]
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PPP Loan Guidance Update
June 9, 2020
On June 3, 2020, the United States Senate passed the House version of the Paycheck Protection Program Flexibility Act (“PPPFA”). The PPPFA amends the original Coronavirus Aid, Relief, and Economic Security (“CARES”) Act to loosen restrictions placed on PPP loans, making them potentially more favorable for borrowers. The significant changes to the PPP loan program […]
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PPP Loan Additional Guidance for Clients
May 20, 2020
Dear Valued Clients & Business Partners, We want to make you aware of some additional guidance around the Paycheck Protection Program (“PPP”) loan forgiveness that was released by the U.S. Small Business Administration (“SBA”) on May 15th. Below is an executive summary of the most important and relevant information for you to review. We want […]
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Importance of Cash Flow Planning to Come Out of Covid 19 in a Position of Strength
May 18, 2020
Good Afternoon, I hope you and your families are doing well and are healthy. I have fully adapted to the new norm of Zoom calls and I am grateful for the extra time I am getting with my family. However, I am hopeful to be able to return to the office and begin interacting face […]
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New Ways the CARES Act Affects Individuals and Businesses
April 2, 2020
As additional details of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) become available, the list of potential tax benefits continues to grow. Individual Taxpayers Individual taxpayers are affected in a number of ways. Rebate checks, the so-called stimulus checks, are slated to be issued to individual taxpayers subject to income limitations. Between […]
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Section 139 Tax-Free Payments to Employees
March 26, 2020
On March 13, 2020, President Trump declared a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (the “Declaration”) due to extraordinary circumstances resulting from COVID-19. The Declaration allows employers to make tax-free payments or reimbursements to employees as “qualified disaster payments” under Section 139 of the Internal Revenue Code. Qualified […]
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COVID-19 & Assistance for Small Businesses
March 25, 2020
Forced business closures and lost revenue as a result of COVID-19 are causing many businesses to face a severe cash crunch. One currently available avenue for relief is the Small Business Administration (“SBA”). The SBA is currently offering Economic Injury Disaster Loans of up to $2.0 million for eligible small businesses and not for profit […]
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IRS Deadline for Filing Tax Returns - July 15
March 20, 2020
Treasury Secretary Steven Mnuchin announced Friday that the administration has moved the IRS deadline for filing individual tax returns from April 15 to July 15 due to the disruption caused by the coronavirus. We are going to continue to work diligently to complete all of our clients’ tax returns and deliverables over the next few […]
