Insights
CARES Act – Income Tax Implications
Houston, TX (March 31, 2020) - 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 Act...
CARES Act – Paycheck Protection Program and Loan Forgiveness
Houston, TX (March 31, 2020) - In order to severely limit the COVID-19 health risks on the more than 330 million Americans, the United States Government requested millions of Americans to fight this virus by staying home because the existing healthcare...
Congress Offers Payroll Tax Relief to Cover COVID-19 Employee and Business Impacts
Houston, TX (March 30, 2020) - Congress passed legislation that allows companies to delay and/or retain payroll taxes in order to be reimbursed for the expense of paid leave for COVID-19 reasons or to assist companies in keeping employees on the payroll. Tax...
CARES Act – Employee Benefit Provisions
Houston, TX (March 30, 2020) - 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 bill also provides relief...
The House Passes $2 Trillion Relief Bill
Houston, TX (March 27, 2020) - 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...
IRS Unveils New People First Initiative
Houston, TX (March 26, 2020) - 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...
COVID-19 Relief for Student Loan Borrowers
Houston, TX (March 25, 2020) - 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...
Texas Comptroller Offers Businesses Assistance
Houston, TX (March 24, 2020) - 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...
Small Businesses Eligible for Working Capital Loans Up to $2M
Houston, TX (March 23, 2020) - The Small Business Administration (SBA) issued an Economic Injury Disaster Declaration on March 20, 2020, for all Texas Counties in response to COVID-19 for the provision of Economic Injury Disaster Loans (EIDL) to businesses and...
