COVID-19 UPDATES

The Consolidated Appropriations Act, 2021 (the CAA, 2021) was signed into law on December 27, 2020 and is a further legislative response to the coronavirus (COVID-19) pandemic. The more than 5,500 page law contains numerous provisions that relate to payroll. These provisions are primarily found in the following areas of the CAA, 2021: (1) Division… Continue Reading Payroll-Related Provisions of the New COVID-19 Law

You’ve probably heard that the IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples) issued earlier in 2020.… Continue Reading Additional 2020 economic impact payments

RECOVERY REBATE/ECONOMIC IMPACT PAYMENT Direct-to-taxpayer recovery rebate. The Act provides for a refundable recovery rebate credit for 2020 that will paid in advance to eligible individuals, often automatically, early in 2021. (Code Sec. 6428A, as added by COVIDTRA Sec. 272) These payments are in addition to the direct payments/rebates provided for in earlier Federal legislation, the… Continue Reading 2020 COVID Relief Bill Provisions Affecting Individual Taxpayers

The IRS has issued the final instructions for the revised Form 941-X, Adjusted Employer’s QUARTERLY Federal Tax Return or Claim for Refund. The instructions detail changes to the form to account for the COVID-19 tax relief. Background. Form 941, Employer’s Quarterly Federal Tax Return, is used by employers to report, on a quarterly basis: a)… Continue Reading Final Form 941-X Instructions Detail COVID-19 Changes

As the July 15 filing deadline approaches, tax returns mailed to the IRS may sit in mail facilities for several days because of COVID-19. But, if a taxpayer follows the Code Sec. 7502 Mailbox Rule, a return will be treated as filed on the date of the postmark and, hence, the taxpayer has no need to worry… Continue Reading The Mailbox Rule in the time of COVID-19

On June 5, President Trump signed he Paycheck Protection Program (PPP) Flexibility Act (PPPFA) of 2020 (H.R. 7010) which provides more flexibility for participants in the PPP program, including allowing those participants to defer the payment of certain payroll taxes that the CARES Act prevented them from deferring. Background. The PPP is a provision included… Continue Reading President signs bill that provides more PPP flexibility

In an Information Release, IRS has urged taxpayers who qualify for, but have not already received, their CARES Act economic impact payment (EIP), to provide direct deposit information on IRS’s Get My Payment website by noon on Wednesday, May 13 if they wish to get their EIP via direct deposit and thus avoid the delay… Continue Reading May 13 deadline to get economic impact payment as direct deposit

On April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act, which has been referred to as COVID 3.5. The Act includes additional money for the small-business loan program, as well as more funding for hospitals and testing. There are no tax provisions in the Act.

We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. In addition to the summary of IRS… Continue Reading Tax Relief provided by the CARES Act

The following questions and answers were obtained from the IRS ‘Filing and Payment Deadlines Questions and Answers‘. Does this relief provide me more time to contribute money to my IRA for 2019? Yes. Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date… Continue Reading IRA & HSA Deadlines Extended to July 15th

We are living in the midst of an unprecedented health and financial crisis as the country tries to navigate unchartered waters along with the uncertainty for what lies ahead.  Fortunately, there is a little known and little used Internal Revenue Code section that was enacted in 2002 in response to the September 11th attacks of… Continue Reading Tax-Free Employee Assistance

Ohio Department of Health Director Amy Acton has signed a “stay at home” order for all Ohioans starting Monday evening, however several key businesses and services, including accounting services may continue as an essential business function.  We are striving to provide superior service to our clients during this unprecedented time.