When will coronavirus (COVID-19) payments from the government arrive? Do you have questions about the CARES Act’s “economic impact payments?” For eligible individuals, these are up to $1,200 for singles and $2,400 for married couples filing jointly (plus $500 for each eligible child). The IRS has announced that the distribution of payments will begin in … Read More
The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these typically comprise a statement of cash flows, a balance sheet … Read More
The IRS is providing more details about the cash payments the government is making to ease the economic impact of the coronavirus (COVID-19). The tax agency announced that it will send letters to recipients about the payment within 15 days after the payments are made. For security reasons, the IRS explained that it plans to … Read More
The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Among other economic relief measures, the new law allows large public banks to temporarily postpone the controversial current expected credit loss (CECL) standard. Here are the details. Updated accounting rules The Financial Accounting Standards Board (FASB) issued Accounting Standards Update … Read More
The IRS has launched a web tool to help certain taxpayers who don’t file tax returns to receive Economic Impact Payments. In the wake of the coronavirus (COVID-19), millions of taxpayers are now eligible for payments. Most payments will go out automatically to qualified taxpayers who filed tax returns for 2018 or 2019, and for … Read More
On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid … Read More
Taxpayers who make estimated tax payments are generally expected to make their first quarter (Q1) payments for 2020 by April 15. However, because of the coronavirus (COVID-19) emergency, the filing and tax paying deadline for 2019 tax returns has been extended to July 15, 2020. Along with that, certain other tax tasks that were due … Read More
If you’ve invented something during your lifetime and had it patented, your estate includes intellectual property (IP). The same goes for any copyrighted works. These assets can hold substantial value, and, thus, must be addressed by your estate plan. However, bear in mind that these assets are generally treated differently than other types of property. … Read More
As eligible Americans wait to receive their Economic Impact Payments to help mitigate the effects of the coronavirus (COVID-19) the IRS says they’ll soon have a way to track the payments. Similar to the IRS “Where’s My Refund” tracker, this new tool will be called “Get My Payment.” If you qualify for a payment based … Read More
If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children. Recent tax law changes Changes made … Read More