ARTICLES & UPDATES
Important news and updates regarding tax changes and relief options for individuals and businesses
Economic Impact Payment FAQs Include Rules On When Payments Must Be Returned
The IRS has answered more frequently asked questions (FAQs) about economic impact payments (EIPs) on its website, including rules on when and how EIPs must be returned to IRS. . Background. As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act),...
IRS: Three New Credits Available to Many Businesses Hit By COVID-19
WASHINGTON — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them. Employee Retention Credit: The employee retention credit is designed to encourage businesses to keep employees on their payroll....
June 4 New Deadline for Taxpayer Response to IRS Micro-Captive Insurance Letter
In a statement, the IRS has automatically extended the due date of responses to IRS Letter 6336 from May 4, 2020 to June 4, 2020. Background. The IRS has concluded that certain micro-captive insurance company transactions had the potential for tax avoidance and...
Employee Retention Credit Available If PPP Loan Paid Back
On its website, the IRS has clarified that Paycheck Protection Program (PPP) loan recipients that pay back the loan by May 7 (potentially May 14) can be eligible for the employee retention credit. Background—employee retention credit. The Coronavirus Aid, Relief, and...
Expenses Paid with Forgiven Paycheck Protection Program Loan Not Deductible
In a Notice, the IRS has clarified that no deduction is allowed for an expense that is otherwise deductible if both: The payment of the expense results in forgiveness of a loan made under the Paycheck Protection Program and The income associated with the forgiveness...
IRS Releases Guidance Related to Loans Received and Forgiven from the Paycheck Protection Program
The IRS provided guidance regarding whether taxpayers receiving loans under the Paycheck Protection Program (PPP) may deduct otherwise deductible expenses. The Coronavirus Aid, Relief, and Economic Security (CARES) Act did not address whether generally allowable...
Common Errors to Avoid When Filing for Advance Payment of Employer Credits Due to COVID-19
Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes. Using a reputable tax preparer – including certified public accountants,...
Latest NAIC Updates Surrounding COVID-19
Allison Johnson, CPA, is an Audit Manager specializing in the insurance industry. She is the Education and NAIC Update Specialist...
Additional Steps Required to Receive Economic Impact Payments from IRS If You Recently Owed Tax
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CARES Act Makes Retroactive Corrections to the Excess Business Loss Deferral Limits from 2017 Tax Law
Deferral of the excess business loss limits. The Tax Cuts and Jobs Act (the 2017 Tax Law) provided that net tax losses from active businesses in excess of an inflation-adjusted $500,000 for joint filers, or an inflation-adjusted $250,000 for other covered taxpayers,...
Taxpayers Should Be Aware of Coronavirus-Related Scams
Taxpayers should be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or COVID-19 Economic Impact Payments. These scams can lead to tax-related fraud and identity theft. Here’s what taxpayers should know: The IRS will...
PPP Loans: Guidance for the Self-Employed
Craig Swindlehurst CPA, Tax Manager at Larson & Company, specializes in tax planning and preparation for individuals, small...
Treasury and IRS Announce Applications for Economic Impact Payment through Get My Payment
Treasury, IRS unveil online application to help with Economic Impact Payments; Get My Payment allows people to provide direct deposit information and gives payment date WASHINGTON – Working with the Treasury Department, the Internal Revenue Service today unveiled the...
IRS to send letters to economic impact payment recipients
On its website, the IRS has said that it will send letters to economic impact payment recipients about the payment within 15 days after the payments are made. Background. In a March 30, 2020 Information Release, the IRS provided details on the distribution of economic...
IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others
Estimated Tax Payments Besides the April 15 estimated tax payment previously extended, today’s notice from the IRS extends relief to estimated tax payments due June 15, 2020. This means that any individual or corporation that has a quarterly estimated tax payment due...
HELPFUL FORMS & RESOURCES
Presentations, templates, and other helpful items
Webinar Slides: Critical Impacts of COVID-19 Company Sponsored Retirement Plans Presentation
Webinar Recording: Utilizing the Benefits of the New Coronavirus Relief Plan for Individuals and Businesses
Paycheck Protection Plan Application Form 3-30-20
Employee Rights FFCRA Poster for Employers to Post Notice
GOVERNMENT INFORMATION
Resources for Americans from the Coronavirus Aid, Relief, and Economic Security Act (CARES)
DOL: Families First Coronavirus Response Act Questions and Answers
Families First Coronavirus Response Act Impact on Small Businesses
Small Business Owner’s Guide to the CARES Act
Governor Herbert’s “Stay Safe, Stay Home” Directive: What’s Considered Essential
U.S. Treasury Department: How the Treasury Department is Taking Action –Resources for American Workers, Families, and Small Businesses
U.S. Chamber of Commerce: Coronavirus Emergency Loans Guide and Checklist for Small Businesses and Nonprofits
IRS: Filing and Payment Deadlines Questions and Answers
FFCRA: Employer Paid Leave Requirements
Wolters Kluwer: Coronavirus Response by State
IRS: Treasury, IRS and Labor Announce Plan to Implement Coronavirus-related Paid Leave for Workers and Tax Credits for Small Businesses to Swiftly Recover the Cost of Providing Coronavirus-related Leave
SBA: Coronavirus (COVID-19) Small Business Guidance & Loan Resources
IRS: FAQs Employee Retention Credit Under the CARES Act
Utah Department of Workforce Services: COVID-19 and Unemployment FAQs for Employers
SBA: Business Loan Temporary Changes and Payroll Protection Plan
US Department of Treasury: FAQs Payroll Protection Plan (PPP)
US Department of Treasury: PPP Borrower Information Fact Sheet
IRS: FAQ on Deferral of Employment Tax Deposits and Payments through December 31, 2020
US Department of Treasury: Interim Final Rule Additional Eligibility Criteria and Requirements for Certain Pledges of Loans
TIPS FOR STAYING HEALTHY
Practicing good hygiene and maintaining physical distance from others while staying socially connected are all part of staying healthy during this crisis. Here are a few quick tips to help you maintain your health and manage your feelings.
Stay virtually connected with family and friends
Getting support from those you love is helpful in stressful times. To alleviate feelings of isolation, reach out to others, especially if you are feeling anxious.
Stay Safe, Stay Home!
Seriously. Just stay home! It’s up to all of us to help “flatten the curve” by drastically minimizing our social interaction. Only leave the house for essentials and go alone. Don’t congregate and stay 6 feet apart from others.
Get Outside and Take a Break!
Getting outside can benefit both your physical and mental health. Maintain physical distance from others when at parks or on a trail, but try to get out at least once a day to keep from feeling cooped up.
Turn Off The News
Limit what you read or set a time to get caught up on the day’s events. Constantly checking social media and online news sources can trigger anxious thoughts and exhausting panic. Stick to trusted sources of information to ensure you are getting the right facts.
Cut Yourself Some Slack
It can be overwhelming to adjust to working at home, home schooling children, ensuring you have food and basic supplies when shelves are empty, and being unsure of the future. Remember, these are unprecedented times in our history! No one really knows what we are doing or how to do it best. It’s fine to start working later in the day, have your kids watch a little too much tv, and eat cold cereal for dinner. We’re all in this together!
Serve Others
A great way to manage feelings of helplessness is to do something kind for someone else. Check in on an elderly neighbor. Pick up milk at the store for a mom home with small children. Give blood. Do someone’s yardwork. There are so many opportunities to serve others. Not only will you feel better yourself, you’ll be helping someone else through this tough time as well.
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