by Anne Angera | Apr 2, 2020 | COVID-19 Legislative Update, Resources For Individual Taxpayers
Charitable contributions have been itemized deductions for individual taxpayers. However, due to the high standard deductions, only 8% of taxpayers itemized. If a taxpayer was in that 8% they got a benefit from charitable contributions, if they were in the other 92%...
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 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...
by Anne Angera | Apr 2, 2020 | COVID-19 Legislative Update, Resources For Employers
Please Note: The information below was modified on December 27, 2020 by the Consolidated Appropriations Act (CAA). Click here to see what changed. The Coronavirus Aid, Relief and Economic Security (CARES) Act offers a payroll tax credit for up to 50% of wages paid on...
