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 …
IRS Delays Tax Filing and Payment Deadlines to July 15 for all Taxpayers
IRS delays tax filing and payment deadlines to July 15 for all taxpayers ________________________________________ The Treasury Department and the IRS are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 outbreak. The 2019 …
CORE 24- We Are Rolling Out an Exciting NEW Program to Help With Business Ownership!
CORE 24 is an engaging e-learning program for anyone who wishes to advance their business knowledge. It’s “Entrepreneurship in a box”. 24 essential interactive business concepts (called “cores”) for business success. Nuggets of wisdom from experienced professionals and business owners. …
2020 Revised Form W4 – Are You Ready?
When you hire an employee who starts in 2020, you must give them the newly designed Form W-4, which is less complex, more transparent, and makes it easier for your employees’ withholding to match their tax liability. The new form …
Regulations on Charitable Contributions
The Internal Revenue Service issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return. The IRS also stated that taxpayers …
IRS Reminds Taxpayers to Adjust Tax Withholding
This is a good time of year to review your payroll withholding to make sure you are on track with regards to your 2019 income taxes and having the correct amount withheld or paid in with estimated payments. A Paycheck …
Don’t Mess with the IRS!
While some tax obligations come with safety valves, such as the option of filing for an extension on income tax returns, there is no leeway with payroll taxes. If you file your reports or make withholding deposits late, the meter …