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 …
Relief for Taxpayers Affected by COVID-19 Who Take Distributions or Loans from Retirement Plans
The CARES Act provides that qualified individuals may treat as corona virus-related distributions up to $100,000 in distributions made from their eligible retirement plans (including IRAs) between Jan. 1 and Dec. 30, 2020. A corona virus-related distribution is not subject …
Economic Impact Payments to individuals
Commonly referred to as “stimulus checks” or “recovery rebates”, Economic Impact Payments to individuals are a key provision of the Corona virus Aid Relief, and Economic Security (CARES) Act legislation that Congress passed to help reduce the financial burden of …
Payroll Tax Credits Surrounding the Paid Leave related to Coronavirus
Coronavirus-related paid leave for workers and payroll tax credits for small and midsize businesses Under the Families First Act, small and midsize employers will be able to take advantage of refundable payroll tax credits. This credit will enable employers to …
Corona Virus News & Updates
Dear Valued Clients Potential Clients and Small Business Partners: Key2 Accounting wants to let you know that we are here to stand by you, our small business clients and partners as we navigate the unchartered waters of the Coronavirus. We …