Yesterday, the House overwhelmingly approved a $484 billion coronavirus relief bill and sent it to the White House, where President Trump signed it into law this morning. As expected, the legislation primarily targets small businesses and hospitals that have been devastated by the ongoing pandemic. Included: $310 billion in new funds for the Paycheck Protection…
I’ve always been a runner – I ran cross country at state in high school – and when I went to college, I wanted to find a place where I could not only run, but make a difference. I ended up choosing Augustana College, where I got a degree in accounting and business administration. I…
Guidance concerning the Paycheck Protection Program (PPP) is continually changing as the program itself continues to evolve. As of this morning, Congress and the White House were close to a deal to pump an additional $310 billion into the CARES Act’s massive relief measure for small businesses. In the meantime, for the many companies that…
I started as a private accountant in the hotel industry, then went to work at a small firm, which was in turn acquired by a much larger BDO company. At both firms, I gained great experience at being both a specialist and a generalist, tackling international tax and pass-through tax, as well as transaction advisory…
Today marks the debut of the IRS’s much-anticipated “Get My Payment” portal, designed to expedite delivery of CARES Act rebate checks to all eligible taxpayers. The IRS is encouraging everyone to visit the site and verify contact and taxpayer information from their 2018 or 2019 federal tax returns. It’s especially important for taxpayers who do…
Late Thursday, the IRS issued Notice 2020-23 detailing the extension of numerous tax deadlines covering individuals, estates, corporations and others. The new extension covers a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020, including estimated tax payments due June 15 (now due July 15th)…
As you’re no doubt aware, the IRS has committed to begin issuing the CARES Act economic impact payments – also referred to as stimulus payments or rebate checks – within the next few weeks. While payment is automatic for most taxpayers, the agency recently updated its website with special tools designed to help speed up…
Last week, the Treasury Department and the Internal Revenue Service announced that distribution of economic impact payments detailed in The CARES Act would begin in the next three weeks, and that payment would be automatic, with no action required for most people. The following Q&A, which is reprinted from the IRS website, provides important details…
First things first. As the coronavirus crisis deepens, we hope that you are safely sheltering in place and doing all you can to keep yourself, your loved ones, and your community healthy and safe. If you’re like most Americans, taxes are probably the furthest thing from your mind right now. Yet recent tax changes designed…
