IRS unveils new People First Initiative

IRS People First Initiative provides relief to taxpayers. IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program.  Due to COVID-19, the IRS is providing relief on a variety of issues as part of the People First Initiative. The IRS is modifying certain activities through the filing and payment deadline, Wednesday, July 15, 2020. Here’s what people need to know about relief related to IRS exams or audits Field, office and correspondence

Review IRA Beneficiaries Now

Review IRA Beneficiaries Now. Lost in the pandemic is a tax law change that may require your attention Lost in the media storm during the coronavirus pandemic is a law change enacted in late 2019 that eliminates an IRA withdrawal technique known as the stretch IRA. Here is what you need to know: Time to review beneficiaries While the chances of you having a severe reaction to the coronavirus are low, it is a reminder of

The 3 Rules of Cash

  The 3 Rules of Cash A COVID-19 pandemic reminder. To keep your business solvent through the COVID-19 pandemic, stay focused on the 3 rules of cash: 1) Now versus later. Cash now is better than cash later. Decreasing cash flow for many of your customers means you’ll likely have trouble collecting 100% of your accounts receivable in the short term. But don’t overlook clients whose cash flow or revenue has yet to be dramatically affected

Small Businesses: ACT NOW!

Small Businesses: ACT NOW! New Funds are Available. Act fast to get your slice of additional SBA funds. An additional $484 billion in COVID-19 small business assistance is now available, including $310 billion in new money for the Small Business Administration’s (SBA) Paycheck Protection Program. Get your Paycheck Protection Program (PPP) loan application in now If your business has not already done so, you need to get your Paycheck Protection Program (PPP) loan application in

Cash Grants for College Students Impacted by Coronavirus Outbreak

Emergency Cash Grants for College Students Impacted by Coronavirus Outbreak US Secretary of Education Betsy DeVos has announced more than $6 billion will be distributed immediately to colleges and universities to provide direct emergency cash grants to college students whose lives and educations have been disrupted by the coronavirus outbreak. First wave of CARES Act funding will provide aid to students for expenses like course materials, technology, housing, food, health care, and childcare. The funding

Individual Provisions – Coronavirus Aid

Individual Provisions Coronavirus Aid, Relief and Economic Security (CARES) Act. In response to the economic harm that the COVID19 virus has caused, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020. The Act provides an estimated $2 trillion in assistance, including almost $500 billion in individual rebate checks. Another $500 billion to support businesses and industries that have seen their operations affected and $400 billion in tax credits to businesses for

Social Security and Railroad Retirement recipients

Most Social Security and Railroad Retirement recipients do not need to file a return or provide information to get an Economic Impact Payment Many people are receiving Economic Impacts Payments to help with the effects of the Coronavirus (COVID-19) pandemic. Among those are who receive Social Security retirement, disability (SSDI), or survivor benefits and Railroad Retirement benefits. This includes those who don’t normally file a tax return and not claimed as a dependent on someone

Payroll Protection Program Loan

Solving Problems with your Payroll Protection Program Loan Application. Source free money to help your business survive. Many small businesses have their Payroll Protection Program Loan (PPP Loans) applications already approved by their bank and the Small Business Association (SBA). However, there are just as many small businesses that are confused, frustrated, and stuck! Here are some ideas to help with the Payroll Protection Program Loan (PPP Loans): Background As part of the coronavirus stimulus package,

Business Provisions ´Paycheck Protection Program

Business Provisions – Paycheck Protection Program and Forgivable Loans The Paycheck Protection Program is a loan program that allows lenders to issue Small Business Administration (SBA) 7(a) small business loans up to a maximum of $10 million or 2.5 times the average monthly payroll costs over the previous year to businesses that have fewer than 500 employees. These “businesses” include sole proprietorships and food service business that employ fewer than 500 people per physical location.

Status of your Economic Impact Payment 

The new Get My Payment is to let taxpayers check on the status of their Economic Impact Payment date and update direct deposit information.  Get My Payment let taxpayers check on the status of their Economic Impact Payment. You can check the status of your Economic Impact Payment. This is similar to the “Where’s My Refund tool”.  If you did not have direct deposit on your last filed tax return, you can to input information