To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic. Many of my clients own and operate S corporations and expect the tax law to treat them differently, as it does with their health insurance deduction. Perhaps you, too, would like us to help clarify which of […]
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Five Key Benefits of the CARES Act for Individuals and Businesses
By now you know that Congress has passed a $2 trillion relief bill to help keep individuals and businesses afloat during these difficult times. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains many provisions. Here are five that may benefit you or your business. 1. Recovery Rebates Many Americans will receive a one-time […]
Small Business Loans for COVID-19
Maryland has authorized $130 million in loan and grant funding for small businesses and manufacturers that have been negatively impacted by the Coronavirus (COVID-19). This emergency assistance provides interim relief and proceeds that can be used to pay cash operating expenses including payroll, suppliers, rent, fixed debt payments and other mission critical cash operating costs. If […]
ATTENTION: KEEP EYES OPEN AND LISTEN CAREFULLY – CORONAVIRUS SCAMS ALREADY HAPPENING!
Fraudsters and scam artists are always looking for new ways to prey on consumers. Now they are using the same tactics to take advantage of consumers’ heightened financial and health concerns over the coronavirus pandemic. Federal, state, and local law enforcement have begun issuing warnings on the surge of coronavirus scams and how consumers can […]
Economic Impact Payments
Here’s how much individuals will get from the Economic Impact Payments Employed full or part time? Unemployed? A temporary or gig worker? Retired or disabled? Receive public benefits? Have no income? Most U.S. residents – under certain income levels – will receive the Economic Impact Payment if they are not claimed as a dependent of […]
Overview of the “CARES Act”
2020 Stimulus (Rebate) Checks The IRS will begin processing stimulus payments by direct deposit to your bank account of record based on your 2018 or 2019 tax return, if you have already filed. Individuals are provided with an advance credit against their 2020 income tax: $1,200 for single taxpayers and $2,400 for married filing joint, […]
FAMILIES FIRST – CORONAVIRUS RESPONSE ACT
FAMILIES FIRST CORONAVIRUS RESPONSE ACT (FFCRA) Both Emergency Paid Sick Leave Act (EPSL) and Emergency Family and Medical Leave Act (EFMLA) are effective for leave taken April 1, 2020 through December 31, 2020. Emergency Paid Sick Leave Act (EPSL) Two weeks (up to 80 hours) of paid sick leave at the employee’s regular rate of pay where the […]
Coronavirus Concerns? Consider Past Health Crises
During the last week of February 2020, the S&P 500 lost 11.49% — the worst week for stocks since the 2008 financial crisis — only to jump by 4.6% on the first Monday in March.1 By all accounts, the drop was largely driven by ever-increasing fears about the potential effects of the coronavirus (COVID-19) and its […]
February 4, 2020: Harford County Referral Partners Networking Event – 510 Johnny’s
Our Owner & President, Carl Strozyk, was the guest speaker at Harford County Referral Partners’s Luncheon, at 510 Johnny’s, on Tuesday, February 4, 2020. Carl gave an Income Tax Update with a focus on reviewing 2018 Tax Law changes along with 2019 Updates, 2019 Extenders and explained the SECURE Act of 2020.
Congress Reistates Expired Tax Provisions – Some Back to 2018
Congress let many tax provisions expire on December 31, 2017, making them dead for your already- filed 2018 tax returns. In what has become much too common practice, Congress resurrected the dead provisions retroactively to January 1, 2018. That’s good news. The bad news is that we have to amend your tax returns to make […]
