Earlier this year, you may have received the CARES Act Recovery Rebate credit of $1,200 (Single), $2,400 (Married Filing Joint) plus $500 per dependent, determined by your adjusted gross income (AGI). The AGI phaseout levels start at $150,000 for joint filers, $112,500 for head of household and
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People who are not required to file a U.S. tax return have less than three months to alert the Internal Revenue Service if they have not received a $1,200 stimulus payment from the government. Click the link below to read more about this upcoming deadline. READ MORE…
Read more →Tax scammers are always working trying to find the newest scheme to steal taxpayers identity. We recently came across an article from the Arizona Department of Revenue providing great information to keep yourself safe. READ THE ARTICLE
Read more →Congress has reversed the changes to the kiddie tax rules enacted in the 2017 Tax Cuts and Jobs Act. This is good news for many, as this change allows taxpayers to choose which kiddie tax rules to use for 2018 and 2019 filings. Click the link below
Read more →Don’t Rush the PPP Forgiveness Application Many businesses have used up their Paycheck Protection Program (PPP) loan funds and are ready to apply for forgiveness. Before you start this process, please take a minute to read the link below to learn 5 reasons you should not rush
Read more →Many taxpayers have lost their jobs due to the recent pandemic, forcing many to rely on unemployment benefits to pay their bills. What many taxpayers do not realize is that these unemployment benefits are taxable, yet many are having little to no federal or state withholding deducted
Read more →While keeping up-to-date on the latest CARES Act changes and clarification, we can across a great article from the The Tax Advisor which summarizes the various tax saving opportunities available to both businesses and individuals. Click the link below to read the article. Disclaimer: We anticipate changes
Read more →With the passage of the Paycheck Protection Flexibility Act of 2020, signed into law on June 5, 2020, as anticipated, the Small Business Administration (SBA), in consultation with Treasury, released a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new
Read more →Monday, June 9th, three days after the PPP Flexibility Act was signed into law, the Small Business Administration (SBA) and Treasury have issued a joint statement clarifying the 60% payroll threshold. The new bill passed by Congress has language that could be interpreted as “…if the borrower
Read more →Congress passed the Paycheck Protection Program Flexibility Act of 2020 (PPPFA) with the Act passing the Senate by unanimous consent in the early evening hours of June 3, 2020 with President Trump signing into law the morning of June 5, 2020. The Act changes many provisions in
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