CARES Act – Income Tax Implications

CARES Act – Income Tax Implications

Reading Time: 6 minutes COVID-19 Tax Update The CARES Act includes many income tax implications for both businesses and individuals. Below are summaries of the top provisions from this new legislation. Section 2303 – Modifications for Net Operating Losses The CARES...
CARES Act – Employee Benefit Provisions

CARES Act – Employee Benefit Provisions

Reading Time: 5 minutes COVID-19 Benefit Plan Opportunities The CARES Act includes retirement-based provisions which ease retirement plan hardship and loan regulations in order to make retirement funds available to individuals impacted by the pandemic.   The final...
The House Passes $2 Trillion Relief Bill

The House Passes $2 Trillion Relief Bill

Reading Time: 3 minutes As expected, the House passed a $2 trillion relief bill on Friday benefiting US taxpayers and businesses impacted by the COVID-19 virus. Next, the bill is expected to be immediately signed by President Trump. The bill unanimously passed the...
IRS Unveils New People First Initiative

IRS Unveils New People First Initiative

Reading Time: 5 minutes The IRS, in news release IR-2020-59, announced the People First Initiative which will provide relief for taxpayers facing uncertainties related to taxes. The IRS will share specific information regarding the implementation of these provisions...
COVID-19 Relief for Student Loan Borrowers

COVID-19 Relief for Student Loan Borrowers

Reading Time: 2 minutes As of March 20, the Department of Education has enacted 0% interest rates for federally-held student loans for at least the next 60 days. The new interest rate will remain in effect until the Department of Education issues an end date and is...
Texas Comptroller Offers Businesses Assistance

Texas Comptroller Offers Businesses Assistance

Reading Time: 2 minutes The Texas Comptroller’s office has issued guidance relating to deadlines on paying or remitting taxes and fees, as well as contesting audit results. And while some businesses were able to remit the state and local sales taxes collected from...
Tax Credits for Businesses & Paid Leave for Workers

Tax Credits for Businesses & Paid Leave for Workers

Reading Time: 3 minutes The IRS published news release IR-2020-57 on March 20, 2020, which states that “small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them,...