Seniors Won’t Have to File Returns to Receive Recovery Rebate The Internal Revenue Service (IRS) originally stated seniors and others who typically don’t file returns will need to submit a simple tax return to receive their 2020 recovery rebate, as authorized by the Coronavirus Aid, Relief, and
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IRS Warns of Scams The Internal Revenue Service (IRS) is asking taxpayers to be aware of the possibility of scams involving economic impact payments. Here are a couple of reminders: The IRS isn’t going to call you asking to verify or provide your financial information so you
Read more →Paycheck Protection Program Loans Open April 3, 2020 The application process for Paycheck Protection Program loans open April 3, 2020. This process will first be opened to small businesses and sole proprietorships affected by the coronavirus pandemic. Starting April 10, 2020, independent contractors and self-employed individuals will
Read more →Stimulus Payments The economic impact payments will begin in the next three weeks, according to an announcement made by the Internal Revenue Service. No action is needed by most people at this time with regard to the payment. Some senior and others who typically do not file
Read more →To continue to breakdown the CARES Act in our two part series, today we are going to address business provisions: Employee retention credit for employers Eligible employers can qualify for a refundable credit against, generally, the employer’s 6.2% portion of the FICA payroll for 50% of wages
Read more →We hope that you and your loved ones are safe during this unprecedented time in our history. In addition to the summary of IRS actions and earlier-enacted federal tax legislation we previously sent you, we wanted to update you on some additional tax-related provisions in the Coronavirus
Read more →Many Arizonans are facing unemployment with the worldwide pandemic. The CARES Act has increased the minimum amount individuals can collect during this time of uncertainty. The Arizona Department of Revenue has created a helpful FAQs to help answer your questions on the process of applying for unemployment
Read more →Another part of the CARES Act focuses on business. The Paycheck Protection Program Loan provides a forgivable small business loan. We came across a great article from Milligan Lawless, a local law firm, that addresses the detail on this part of the program. READ MORE
Read more →As part of our quest to get the CARES Act information out to you a quickly as possible, the following is a summary of the Individual stimulus payments which will be on their way soon. The CARES Act includes stimulus payments of $1,200 for each individual and
Read more →We hope this blog finds you safe and well. We try to keep our blogs short, but in light of what is happening with COVID-19, we wanted to provide you and update and summary of actions the IRS and federal legislation has enacted to ease tax compliance
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