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Payroll Support for Air Carriers and Contractors under the CARES Act
FAQs: Payroll Support for Air Carriers and Contractors under the CARES Act Division A, Title IV, Subtitle B, of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) authorizes the Department of the Treasury (Treasury Department) to provide payments to passenger air carriers, cargo air carriers, and certain contractors that must be exclusively used…
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This is big – Foreign Earned Income Exclusion
Rev. Proc. 2020-27 will be published in Internal Revenue Bulletin 2020-20, to be issued on May 11, 2020. Revenue Procedure 2020-27 provides that The Secretary of the Treasury has determined that the global health emergency caused by the outbreak of COVID-19 is an adverse condition that precludes the normal conduct of business globally. Therefore, relief…
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Cross-Border Tax Guidance related to Travel Disruptions
Treasury, IRS announce cross-border tax guidance related to travel disruptions arising from the COVID-19 emergency The Treasury Department and the Internal Revenue Service today issued guidance that provides relief to individuals and businesses affected by travel disruptions arising from the COVID-19 emergency. The guidance includes the following: Revenue Procedure 2020-20, which provides that, under certain…
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Special alert for benefit recipients who don’t file a tax return and have dependents
SSA, RRB recipients with eligible children need to act by Wednesday to quickly add money to their automatic Economic Impact Payment; IRS asks for help in the ‘Plus $500 Push’ The Internal Revenue Service today issued a special alert for several groups of federal benefit recipients to act by this Wednesday, April 22, if they…
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Get answers to Economic Impact Payment questions
The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available. Taxpayers should check the FAQs often for the latest additions; many common questions are answered in these. More than 80 million Economic Impact Payments have already been delivered to the…
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Veterans Affairs recipients will receive automatic Economic Impact Payments
The Internal Revenue Service, working in partnership with the Treasury Department and the Department of Veterans Affairs, announced today that recipients of VA benefits will automatically receive automatic Economic Impact Payments. Veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA will receive a $1,200 Economic Impact Payment with no further…
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PPP Loan Forgiveness Guidelines
For those of you that got in the PPP loan program prior to it running out of funds, here’s what you need to know! Loan proceeds must be used for payroll, utilities and mortgage or lease during the eight week period beginning the day after the loan origination date. Payroll Salary, wage, commission, or similar…
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SBA Announces Lapse in Appropriations for PPP Loans
The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. There were 19,244 approved loans in Alabama representing $3,819,600,518 in approved dollars. We assisted with a lot of those and in fact, saw a deposit today of $74,000+. At this point, we are waiting to see…
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Taxpayers should be aware of Coronavirus-related scams
Taxpayers should be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or COVID-19 Economic Impact Payments. These scams can lead to tax-related fraud and identity theft. Here’s what taxpayers should know: The IRS will not call, email or text you to verify or request your financial, banking or…
