|Coronavirus Tax Updates
The page linked below was put together by Keystone CPA, Inc.to highlight some important information that came out from the recent tax law under the Coronavirus, Aid, Relief, and Economic Security Act (CARES) and the Family First Coronavirus Response Act (FFCRA).
Coronavirus Related Tax Changes:
Many changes came out as a result of coronavirus. They have put together a summary of the stimulus payments, new tax filing and payment deadlines, new retirement distribution rules, and general tax changes on deductions and write-offs.
Click HERE for the Coronavirus Related Tax Changes Summary.
There are two loans available under the CARES Act. You can apply for both loans and there are no costs associated with these applications. Once you are approved, you can decide whether you want to take on one or both of these loans. You are not required to take the loans.
We have summarized the details of each loan program for eligibility, amount, and how to apply.
Click HERE for the SBA Loan Summary
Family First Coronavirus Response Act (FFCRA) Tax Credits
The new rules require certain employers to provide employees with paid emergency sick leave and expanded family medical leave. In exchange, the government will reimburse the employer for the cost of this compensation paid to the employees. This results in no net cost to the employer. This is available for self-employed individuals, owners of S Corporations, C Corporations, and partnerships as well.
Employee Retention Credit
There is also an Employee Retention Credit that is available to employers who are impacted by Coronavirus and keep employees on payroll.
They have summarized the details of each tax credit program for eligibility, amount, and how to apply.
Click HERE for the FFCRA and Employee Retention Credit Summary
For more information, please contact:
Keystone CPA, Inc.
Phone: (877) 975-0975