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What You Need to Know about Small Business Relief
The CARES Act specifically outlines the Paycheck Protection Program, a forgivable loan program that allows small businesses to get cash quickly and incentivizes them to not lay off employees. Paycheck Protection Program Who qualifies for a forgivable loan? Businesses with 500 or fewer employees How much are the loans for? Loan amounts for established businesses: […]
Treasury, IRS launch new tool to help non-filers register for Economic Impact Payments
Treasury, IRS launch new tool to help non-filers register for Economic Impact Payments IRS.gov feature helps people who normally don’t file get payments; second tool next week provides taxpayers with payment delivery date and provide direct deposit information WASHINGTON – To help millions of people, the Treasury Department and the Internal Revenue Service today launched […]
What you need to know about stimulus payments for individual taxpayers
Stimulus payment amounts for individuals and families are as follows: Singles – $1,200 Head of household filers – $1,200 Married couples – $2,400 Parents – $500 for each child under age 17 Payments begin to phase out at certain adjusted gross income (AGI) levels based on a taxpayer’s 2019 tax return if they’ve already filed […]
NSA Update #25 – COVID-19 Economic Relief Applications and Enrollment Dates
NSA members: Applications are available for: Employee Retention Credit (Application Enrollment OPEN) Paycheck Protection Program (Application Submission Starts April 3, 2020) Economic Injury Disaster Loans and Loan Advance (Application Enrollment OPEN) NSA members are encouraged to review these programs and apply as soon as possible if they meet program eligibility requirements. Employee Retention Credit available […]
Department of Revenue Extends March Sales Tax Due Dates for Adversely Affected Taxpayers
On March 26, 2020, Florida Department of Revenue Executive Director Jim Zingale issued Order of Emergency Waiver/Deviation #20-52-DOR-002 to extend certain filing deadlines for Florida businesses. Quarterly Filers Deemed Adversely Affected by the COVID-19 Outbreak For taxpayers that are adversely affected by the COVID-19 outbreak, the order extends the due date for March 2020 quarterly sales […]
IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19
Dear Client, For your information, IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19 WASHINGTON — The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages […]
CORONAVIRUS EMERGENCY LOANS SMALL BUSINESS GUIDE AND CHECKLIST
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis […]