After 5:00 pm EDT on Friday, August 28, 2020, the IRS and the Treasury Department released their initial guidance on the payroll tax holiday scheduled to begin on September 1, 2020. As with earlier COVID-19 granted relief, the delay in the withholding and payment of employee FICA
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On Monday, the Small Business Administration (SBA) and US Treasury issued an interim final rule addressing Paycheck Protection Program (PPP) issues relating to owner-employee compensation and rent-related costs. This interim final rule specifically addresses owner-employees with less than 5% stake in a C or S Corporations and
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Phishing attacks exploit SBA The coronavirus pandemic is not stopping cybercriminals from trying to exploit small businesses as they apply for Small Business Administration loans such as the Paycheck Protection Program (PPP) and Economic Injury Disaster (EIDL) loans. These phishing attacks seem to be coming in waves.
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The PPP loan has saved many business due to COVID-19, but at the same time, this loan has also created a potential tax problem. This problem has to do with the forgiveness of these loans. The way the law is written, businesses who received the loan will
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Just because a taxpayer may be self-employed does not mean they cannot take advantage of the valuable tax breaks saving for retirement can offer. We came across a great article from U.S. News explaining the value in saving for retirement for self-employed people. Click here to read more
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The IRS has issued new FAQs surrounding Identity Protection Personal Identification Numbers (IP PINs). If you have filed your 2019 Federal personal income tax returns and are a resident of Arizona, you are now eligible to get an IP PIN. You can click here to apply for
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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…
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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
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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
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DOL Releases Final Overtime Exemptions Rule – Pescatore Cooper, PLC
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The Department of Labor has revised the Fair Labor Standards Act’s overtime exemptions, impacting executive, administrative, and professional employees. Starting July 1, 2024, the salary threshold f...