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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.…
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My Sunday Afternoon Update
We’ve prepared and filed more than 1,300 tax returns to date. Unbelievably almost, we are on schedule with last years numbers in spite of the rain, the tornadoes, the highway detour and the dreadful virus fears. The staff has soldiered on in grand fashion! These are peculiar times and a lot of folks are experiencing…
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Federal Tax Payments Extended, Regardless of Amount Owed
WASHINGTON – The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount…
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Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees…
