In response to the coronavirus pandemic, the IRS has implemented numerous changes that go well beyond tax filing extensions and stimulus payments. Here are takeaways on the Coronavirus tax changes; significant changes that could affect you and your family:
On March 18, 2020, the Families First Coronavirus Response Act was signed into law, marking the second major legislative initiative to address COVID-19. The overview below provides a summary of key provisions of the Families First Act, which includes the key points in the law. Families First Coronavirus Response Act The new law requires that small business to provide paid leave Families First Coronavirus Response Act provides worker benefits. The Families First Coronavirus Response Act is the new law passed that offers COVID-19...
This article is an overview of the Payroll Protection Program or PPP, which is just one of the loans available under the new legislation.
SFS Tax & Accounting Services has an update on financial help and the latest on the Corona COVID-19 drama with financial news you can really use. Corona Disaster Loan Help - This announcement is about Federal & State money for you, for your business and clearing up the misinformation / incorrect information that is floating about.
Tax season is here, and you may be seeking someone new to prepare your tax return. However, remember that you, the taxpayer, are ultimately responsible for all your income tax return information. In July 2019, the IRS reminded tax practitioners that all "professional tax preparers" must create a written data security plan to protect clients. It's federal law. Do not hesitate to ask your preparer or a potential tax pro how they protect your information. Choose your tax professional carefully and perform...
Dear Fellow Taxpayers, Better late than never. On December 31, 2019, the IRS issued the standard mileage rates for 2020. The Internal Revenue Service issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Dear Fellow Taxpayers, Tax law changes that can affect your 2018 0r 2019 taxes - On Friday, December 20th, a new bill was signed into law. There are some retroactive tax law changes to current and expired tax laws buried in the 1770 pages of the tax bill. These new law extenders are in place for both 2019 and 2020.
The IRS recently announced the list of increased tax deductions for 2020. The Internal Revenue Service recently issued its annual inflation adjustments for dozens of tax items for the tax year 2020. The IRS increased tax deductions for 2020. The taxman is letting you keep more of your income. The IRS increased the standard deduction to $12,400 for single filers and $24,800 for married couples filing jointly. An individual can transfer up to $11.58 million without being subject to the 40%...
The IRS Increases 401K Contribution Limits for 2020. As part of its annual inflation adjustments, the Internal Revenue Service announced that employees who invest in 401(k) retirement plans would be able to contribute up to $19,500 next year: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's own Thrift Savings Plan is increasing from $19,000 to $19,500 next year. Meanwhile, the catch-up contribution limit for employees ages 50 and older who participate...
