The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December … Read more
“You can now apply for PUA, expanded eligibility for individuals who have traditionally been ineligible for unemployment benefits (e.g. self-employed workers, independent contractors, gig workers).” Read More
Generally, it’s recommended that you review your estate plan at year’s end. It’s a good time to check whether any life events have taken place in the past 12 months or so that affect your plan. However, with a life shock as monumental as the coronavirus (COVID-19) pandemic, now is a good time to review … Read more
“The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.” Learn more here.
Order of the Secretary of the Pennsylvania Department of Health Directing Public Health Safety Measures for Businesses Permitted to Maintain In-person Operations “Recognizing that certain life-sustaining businesses in the Commonwealth must remain open despite the need for strong mitigation to slow the spread of the virus, I am ordering certain actions to be taken by … Read more
by Lucas Rihely, CPA, Partner The CARES Act provided employers an opportunity to defer payment of its 6.2% employer Social Security taxes on wages paid to employees during 2020. However, the Act provided that employers who had a Paycheck Protection Program (PPP) loan forgiven would be ineligible to participate in the deferral. On Friday, April … Read more
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the … Read more
The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional … Read more
This H2R CPA webinar was presented live on April 9, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary Join our online session to learn about the SBA lending options under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the related tax … Read more
This H2R CPA webinar was presented live on April 6 & 7, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary Join our online session to learn about the employee paid leave requirements under the Families First Coronavirus Response Act and related tax and … Read more