by Anne Angera | Apr 2, 2020 | COVID-19 Legislative Update, Resources For Employers, Resources For Individual Taxpayers
As a general rule, if someone pays a debt on your behalf, you have taxable income. As part of the CARES Act, an employer can pay up to $5,250 in 2020 of an employee’s student loan obligation on a tax-free basis. Note, however, that this provision modifies existing...
by Anne Angera | Apr 2, 2020 | COVID-19 Tax Update, Resources For Employers
Net Operating Losses – 2303 The taxable income limitation on the deduction for NOLs is repealed for tax years beginning before 1/1/2021. In addition, losses arising in years 2018, 2019 and 2020 are now able to be carried back 5 years to offset prior year’s profits....
by Anne Angera | Apr 2, 2020 | COVID-19 Legislative Update, Resources For Employers
The Coronavirus Aid, Relief and Economic Security (CARES) Act offers a deferral of employer payroll taxes (specifically Social Security) to be repaid over two years. Who is Eligible? Any business that is remitting Social Security tax payments. The Bill originally...
by Anne Angera | Apr 2, 2020 | COVID-19 Legislative Update, Resources For Employers
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, businesses, not-for-profits and self-employed individuals that do not have more than 500 employees can receive a loan for payroll costs, health insurance, rent, utilities and interest payments that...
by Anne Angera | Apr 2, 2020 | COVID-19 Legislative Update, Resources For Individual Taxpayers
The Coronavirus Aid, Relief, and Economic Security (CARES) Act expands unemployment benefits in four ways: Self-employed individuals and subcontracted individuals are now covered. In addition to state benefits that would normally be received the Federal government...
