Additional funding for Paycheck Protection Program

On Friday, April 24, 2020 President Donald Trump signed into law a $484 billion Paycheck Protection Program and Health Care Enhancement Act previously approved by the Senate. The bill provides an additional $310 billion for the Paycheck Protection Program (PPP), $60 billion for the Small Business Administration’s Economic Injury Disaster Loan program, $75 billion for hospitals, and an additional $25 billion for corona virus testing.…

Stimulus Payment Update

The IRS has published its latest update on Economic Impact Payments. This payment is automatic for most taxpayers who filed a 2018 or 2019 tax return eligible for an Economic Impact Payment. The IRS publication,  Economic Impact Payment Information Center, provides the following guidelines for eligibility for a stimulus payment: $2,400 for married filing jointly…

The IRS has announced additional key tax deadlines

The IRS has announced additional key tax deadlines to help individuals and businesses struggling with economic turmoil caused by the Coronavirus pandemic.  In the link below from April 9, 2020, the IRS elaborates on the latest extension of tax deadlines. IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others IR-2020-66, April…

Update on the Deadline for 2019 IRA Contributions

  In a recently published Q&A session, the IRS has important provided updates on relief for taxpayers affected by the ongoing coronavirus pandemic, including information on workplace-based employment plans and IRAs. To align with the extended due date for 2019 tax returns, the IRS has also extended the deadline for making IRA contributions during the…

The IRS postpones Filing and Payment Deadlines

  The IRS recently announced special Federal income tax return filing and payment relief in Notice 2020-18, which expands on the relief provided in Notice 2020-17. Specifically, the due date for filing Federal income tax returns and payments has been postponed from April 15, 2020 to July 15, 2020. There is no limit to the…

CARES Act Provisions for Retirement Savings

  The Coronavirus Aid, Relief and Economic Security (CARES) Act, signed into law authorities on March 27, outlines special rules for use of retirement funds. The CARES Act waves the 10% early distribution penalty tax on up to $100,000 of early retirement withdrawals. Moreover, it includes an option to repay any distribution within three years…

Calculate coronavirus checks

The Coronavirus Aid, Relief and Economic Security Act or the CARES act signed on Friday, March 27, 2020 is the largest aid packet in history.  The U.S. government is about to send checks or direct deposits to Americans facing financial hardship as much of the economy shut due to the coronavirus outbreak. The Washington Post…