The economic downturn and public health crisis has hit as many firms and individuals are completing tax returns for the 2019 tax year. The IRS has extended the income tax filing and payment deadlines for all taxpayers who originally were…
Amounts of Small Business Administration Section 7(a)(36) guaranteed loans that are forgiven under the CARES Act aren’t taxable as discharge of indebtedness income if the forgiven amounts are used for one of several permitted purposes. The loans have to be…
Taxpayers (including self-employed individuals) will be able to defer paying the employer portion of certain payroll taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other…
Eligible employers can qualify for a refundable credit against, generally, the employer’s 6.2% portion of the Social Security (OASDI) payroll tax (or against the Railroad Retirement tax) for 50% of certain wages (below) paid to employees during the COVID-19 crisis. …
Required minimum distributions that otherwise would have to be made in 2020 from defined contribution plans and IRAs are waived. This includes distributions that would have been required by April 1, 2020, due to the account owner’s having turned age…
The additional 10% tax on early distributions from IRAs and defined contribution plans is waived for distributions made between January 1 and December 31, 2020 by a person who (or whose family) is infected with the Coronavirus or who is…
To help individuals stay afloat during this time of economic uncertainty, the government will send up to $1,200 payments to eligible taxpayers and $2,400 for married couples filing joints returns. An additional $500 additional payment will be sent to taxpayers…
The IRS has provided tax payment relief for any person with a federal income tax payment due April 15. On March 13, 2020, the President issued an emergency declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act…
The President has signed the Families First Coronavirus Act (HR 6201, the "Act") intended to ease the economic consequences stemming from the novel coronavirus disease (COVID-19) outbreak by providing family and medical leave, and sick leave, to employees and providing…
As COVID-19 continues to impact our communities, here at Newsom And Associates, we wanted to touch base with you and share what we are doing from our end. As information and details related to COVID-19 evolves, our sincere thoughts go out…