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Employee Retention Credit
IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19 WASHINGTON — The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer…
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Unemployment
Claims and Benefits FAQ The following questions and answers have been selected to help you better understand the Unemployment Compensation Claim (UC) process and to become more comfortable with the terminology. These questions are targeted towards individuals filing their first unemployment claim. Q. How do I file a claim? Online here https://labor.alabama.gov/uc/ICCS/default.aspx. You can also…
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Economic impact payments: What you need to know
Check IRS.gov for the latest information: No action needed by most people at this time The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others…
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For Our Government Contractor Clients
If you are a government contractor, there are a number of ways that Congress has provided relief and protection for your business. Agencies will be able to modify terms and conditions of a contract and to reimburse contractors at a billing rate of up to 40 hours per week of any paid leave, including sick…
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SBA Emergency Funds for Businesses
Paycheck Protection Program (PPP) The FORGIVABLE loans are under the SBA’s “Paycheck Protection Program” (PPP). These are the short-term loans intended to help business owners make payroll for the next few months. They are available for a maximum amount of 2.5x your average monthly payroll costs. Forgiveness will be based on the money’s usage towards…
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CARES Act Tax Provisions
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, which passed the Senate by a 96-0 vote late on Wednesday, contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic. While the focus of…
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Tax Updates from Arab, Alabama
How do I cancel or change the date a payment comes out on a return I already e-filed? If you scheduled a payment through IRS Direct Pay, you can use your confirmation number from the payment to access the Look Up a Payment feature. You can modify or cancel a scheduled payment until two business…
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Quarterly Estimated Tax Payments
First quarter 2020 estimated income tax payments are postponed from April 15 to July 15, 2020. Second quarter 2020 estimated income tax payments are still due on June 15, 2020. Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your…
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Governor Ivey Delays State Tax Filings
Governor Kay Ivey and the Alabama Department of Revenue announced today that the state income tax filing due date is extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer state income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed.…
