by Steven J Weil, PhD, EA, LCAM | May 13, 2020 | Business Tax, Covid-19, Payroll Preparation
Small and midsize businesses can swiftly recover the costs of providing Coronavirus-related paid leave for employees. This is done by using one or two new refundable payroll tax credits. The Paid Sick Leave credit and the Paid Family Leave credit are designed to...
by Steven J Weil, PhD, EA, LCAM | May 6, 2020 | Blog, Business Tax, Covid-19, Personal Tax
The CARES Act extends the traditional ability of employers to exclude payments on behalf of an employee for educational expenses of up to $5,250 per year to include the repayment of employee student loans. In both cases, payments are deductible to the employer while...
by Steven J Weil, PhD, EA, LCAM | May 6, 2020 | Blog, Business Tax, Covid-19, Personal Tax
One of the questions we are getting the most right now is regarding what those who have been forced by their business or company to work at home can deduct. The truth is if you are an employee working from home as the tax law currently stands, deductions for employee...
by Steven J Weil, PhD, EA, LCAM | May 6, 2020 | Blog, Business Tax, Covid-19
The IRS recently released Notice 2020-32 which explains that while amounts forgiven under PPP loans are not taxable to the recipients of the loan, the expenses used to qualify for said loan forgiveness are also not deductible. The CARES Act provides for PPP loan...
by Steven J Weil, PhD, EA, LCAM | Apr 24, 2020 | Blog, Business Tax, Covid-19
The Coronavirus (COVID-19) Pandemic has caused widespread, government ordered, shutdowns of many sectors of the United States economy, which has caused extensive job loss. Over 10 million Americans filed for unemployment benefits in March and far more claims are...
by Steven J Weil, PhD, EA, LCAM | Apr 1, 2020 | Blog, Business Tax
The IRS and Department of the Treasury have released more information about the Employee Retention Credit program that has been recently launched. Below is the information directly from the source, covering business qualifications, credit calculations, wages, and how...
