The Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation were extended for 11 weeks. Congress will add $300 to all weekly unemployment benefits. Workers who rely on multiple jobs and have lost income will also be eligible for a weekly $100 …
What About the Stimulus Checks?
A second round of stimulus will include direct payments of up to $600 per adult and per child. Call Key2 Accounting today with any questions you may have. For more details visit: https://www.irs.gov/coronavirus/economic-impact-payments
What Does the New Stimulus Package Include?
Paycheck Protection Program (PPP): The relief package creates a second loan from the Paycheck Protection Program, called a “PPP second draw” and allocates $325 billion in aid to small businesses, with a total $284.5 billion of that going to reauthorize …
December 2020 Important Due Dates
December 2020 Business Due Dates: December 1 – Employers During December, ask employees whose withholding allowances will be different in 2021 to fill out a new Form W4 or Form W4(SP). December 15 – Social Security, Medicare and Withheld Income …
Don’t Miss Out on Year-End Tax-Planning Opportunities
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. In response to the economic slowdown and losses of income, Congress passed several extensive laws to benefit individuals and businesses that suffered financial …
What Happens if the IRS Owes Me a Refund?
For taxpayers who believe they are owed a refund from the Internal Revenue Service, you have three years from the original due date of the return in order to file and claim your refund. However, if you wait too long …
The SBA Issues a Simplified PPP Loan-Forgiveness Application
If you are the owner of a small business that obtained a Paycheck Protection Program (PPP) loan, you are most likely aware that the loan can be partially or totally forgiven if you used the loan proceeds for the required …
Payroll Taxes and Corona Virus: Struggling to Cover Payroll Costs?
While much attention has been focused on the Paycheck Protection Program, there are two additional programs designed to help COVID-19 affected businesses retain employees: Employee Retention Tax Credit (ERTC) and Employer Social Security Tax Deferral. The Employee Retention Tax Credit …
SBA Issues New PPP Loan Guidance: What You Need To Know And FAQs
Small Business Administration Issues New PPP Loan Guidance: What You Need To Know And FAQs On June 22, the Small Business Administration (SBA) issued new Interim Final Rules (IFR) on the recently passed Paycheck Protection Program Flexibility Act (PPPFA), clarifying …
Required Minimum Distributions from Retirement Accounts in 2020 are Waived Under the CARES Act
Anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. The 60-day rollover period …