The CARES Act spells out that the forgiven loan amount won’t be included in taxable income. That means you don’t pay taxes on the money that you receive. The aim of this loan is to provide businesses with the money to keep running and continue paying employees, not to create a tax burden for businesses receiving the [...]
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Every financial transaction, whether you are an individual or a business owner, has the potential to affect your tax strategy. The many twists and turns of 2020 have added new complexities. Combinations of Paycheck Protection Program (PPP) loans, Cares Act payroll tax deferral, unemployment benefits are just of few of the unfamiliar issues that are new [...]
Who Needs to Return a Stimulus Payment The IRS says that a stimulus payment made to someone who died before receiving it should be returned to the government. The entire payment should be returned, unless it was made payable to joint filers and one spouse is still alive. In that case, you only need to return [...]
When you are ready to reopen your business, you need to be aware of the legal ramifications of your actions. We all want to protect or employees and customers to enable our businesses to recover from the Safer at Home Period. The following is advice that Catherine Tansey has prepared. Here’s what you can do to [...]
WHAT IF I GET A LETTER FROM THE IRS DURING SHUTTER IN PLACE The following was posted today by the AICPA Journal of Accountancy. Question Due to office shutdowns in major cities, taxpayers and tax preparers may not timely receive or respond to IRS communications/notices that are sent by mail. Will the IRS provide any relief [...]
The $2 trillion economic stimulus package that cleared Congress on Friday will let struggling companies defer paying the IRS a portion of payroll taxes. Workers’ share, however, would still be collected and passed on to Uncle Sam. Companies still will be withholding taxes from paychecks and remitting that to the IRS, but the employers half [...]
We are living in extraordinary and unsettling times. With the novel coronavirus (COVID-19) global pandemic still taking shape in Wisconsin and all of us experiencing dramatic changes to our daily lives, we wanted to let you know that the Tax Management family is thinking of you and hoping that your loved ones are safe and well. [...]
Has the information about COVID-19 and the recommendations to avoid public places and close contact causing you concern over filing your 2019 tax return and delaying obtaining your refund? Tax Management & Financial Horizons has a solution for you. Tax Management offers a secure way to have your tax return prepared by a professional preparer without [...]
We are experiencing an unprecedented event in our lifetime. However, that does not mean that this event will take down the global economy. Certainly, we will find that we will likely fall into another recessionary period in the coming months. I have lived through almost 50 years of economic cycles. My father worked in a [...]
What are HRA accounts? Health Reimbursement Arrangements (HRAs) are a type of plan where employers reimburse employees for medical and insurance coverage expenses tax-free. There are 6 different HRAs available to cover the wide variance of business ownership, number of employees and circumstances. Each HRA has it’s unique-approved guidelines to fit the right situation. This article [...]