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Douglas Freeman

New COVID-19 law makes favorable changes to “qualified improvement property”

(CARES ACT), Business Deductions, Business Income Tax, Coronavirus Aid (CARES Act), Deductions, Depreciation, Internal Revenue Service (IRS), Qualified Improvement Property (QIP) /

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December […]

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What are the key distinctions between layoffs and furloughs?

(CARES ACT), (WARN) Under the Worker Adjustment and Retraining Notification, COVID-19, Employee Benefits, Employees, Human Resources, Small Business, Unemployment /

As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide whether to downsize their workforces to lower payroll costs and stabilize cash flow. If your company is contemplating such a move, you’ll likely want to consider the choice within the choice: that is, should you lay

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COVID-19: IRS announces more relief and details

(CARES ACT), 2019 Tax Return, AGI (Adjustable Gross Income), Coronavirus Aid (CARES Act), COVID-19, Income Tax, Internal Revenue Service (IRS) /

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates

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Relief from not making employment tax deposits due to COVID-19 tax credits

(CARES ACT), Coronavirus Aid (CARES Act), COVID-19, Employees, Employment Tax, Federal Income Tax Filing, FICA /

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the

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Just launched: The SBA’s Paycheck Protection Program

(CARES ACT), Coronavirus Aid (CARES Act), COVID-19, Employees, Independent Contractors, Paycheck Protection Program, Relief, Self Employed, Small Business, Small Businesses Administration, Sole Proprietors /

To stem the tide of joblessness caused by the coronavirus (COVID-19) outbreak, the Small Business Administration (SBA) has officially launched the Paycheck Protection Program (PPP). The program’s stated objective is “to provide a direct incentive for small businesses to keep their workers on the payroll.” What does the program offer? The PPP was authorized under

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CARES ACT changes retirement plan and charitable contribution rules

(CARES ACT), Charitable, Coronavirus Aid (CARES Act), COVID-19, Income Tax, Individual Income Tax, Internal Revenue Service (IRS), Retirement /

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief,

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Answers to questions about the CARES Act employee retention tax credit

(CARES ACT), Coronavirus Aid (CARES Act), Employees, Income Tax, Internal Revenue Service (IRS), Nonprofit, Self Employed /

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result

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Using your financial statements during an economic crisis

Accounting, Assets, Business Expenses, COVID-19, Entrepreneurs, Financial Statements, Small Business /

The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these typically comprise a statement of cash flows, a balance sheet

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Cash payments and tax relief for individuals in new law

(CARES ACT), 2019 Tax Return, AGI (Adjustable Gross Income), COVID-19, Individual Income Tax, Internal Revenue Service (IRS) /

A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual cash payments. Under the new law, an

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The new COVID-19 law provides businesses with more relief

(CARES ACT), COVID-19, Employees, Payroll Tax, Small Business, Social Security & Medicare (FICA) taxes, Tax Cuts and Job Acts (TCJA) /

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit. The new law provides a refundable payroll tax credit for 50% of wages paid

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