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Guidance On Payroll Tax Deferral Creates As Many Questions As It Answers

by Steven J Weil, PhD, EA, LCAM | Aug 29, 2020 | Blog, Business Tax, Payroll Preparation

08/29/2020 – Last night the IRS Issued Notice 2020-65 dealing with the employee social security tax deferral announced by the president on August 8, 2020, in a Memorandum to the Secretary of State.  The Memorandum directed the Secretary of the Treasury to use his...

IRS Commissioner Charles P. Rettig, Says Enforcement is a Priority

by Steven J Weil, PhD, EA, LCAM | Aug 27, 2020 | Blog, Business Tax, Personal Tax

The Commissioner of the Internal Revenue Service, Charles Rettig, testified before the Senate Finance Committee. His message was a clear one: He is an enforcement-minded commissioner and “the IRS is committed to pursuing those who . . . intentionally evade their tax...

Federal Payroll & Tax Withholding Effects Covid-19 and the CARES Act

by Steven J Weil, PhD, EA, LCAM | Aug 18, 2020 | Blog, Business Tax, Covid-19

The CARES Act has the following provisions effecting the federal taxes on payroll and payroll tax withholding. These provisions deal with employer payments for student loan repayments, as well as changes in terms of permitted benefits under health savings accounts...

8/11/20 – SBA Releases New PPP Loan Forgiveness FAQs

by Steven J Weil, PhD, EA, LCAM | Aug 11, 2020 | Covid-19

In consultation with the Treasury Department, the Small Business Administration (SBA) has released a set of Frequently Asked Questions (FAQs) addressing forgiveness of Paycheck Protection Program (PPP) loans. The FAQs provide guidance on general loan forgiveness,...

Executive Orders 08/08/2020

by Steven J Weil, PhD, EA, LCAM | Aug 10, 2020 | Business Tax, Covid-19, Personal Tax

President Uses Executive Orders Too Authorize Extending Unemployment Benefits and More President Trump signed four executive orders Saturday. These orders provide additional jobless benefits, suspend the collection of payroll taxes, avoid evictions and assist with...
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Blog

PPP and PPP2 Updates & Highlights

Jan 14, 2021 | Blog, Covid-19

PPP updates include: PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs; PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs,...

2020 Tax Organizer Avaliable

Jan 10, 2021 | Blog, Forms, Personal Tax

Did we complete your 2019 tax return? If we completed your prior-year return we can provide you with a custom tax organizer that includes last year's information so that you can compare it to this year's information just send an email to info@RMSAccounting.com. Be...

PPP Update – NEWS RELEASE – 01/08/2020

Jan 9, 2021 | Blog, Business Tax, Covid-19

SBA and Treasury Announce PPP Re-Opening; Issue New Guidance WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new...

Covid-19 Funding Bill aka Consolidated Appropriations Act, 2021

Dec 28, 2020 | Covid-19, Personal Tax

Last night President Trump signed the Consolidated Appropriations Act, 2021, the act includes $900 billion in Covid-19 Stimulus. While we are in the processing of studying the new law so that we can present a Webinar that lays out what it means and what to expect we...

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