Heaven & Alvarez

tax credit

COVID 19: Update

We are doing our best to keep our clients informed of the new loan programs now available to small businesses.  Here are some important highlights of the Paycheck Protection Program (PPP Loan). Who is Eligible? Businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. When …

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non profit

Tax-exempt Organizations Required to e-file Forms

The Taxpayer First Act enacted July 1, 2019, requires tax-exempt organizations to electronically file information returns and related forms. Those that previously filed paper forms will receive a letter from the IRS informing them of the change. The new law affects tax-exempt organizations in tax years beginning after July 1, 2019, and applies to the …

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covid 19

COVID-19: Information for Small Businesses

Small and medium-sized employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed into law …

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cares act

CARES Act: Information for Individual Taxpayers

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, often referred to as the stimulus bill, was signed into law on March 27, 2020, and contains legislation to stabilize the economy during the coronavirus pandemic. These measures include economic recovery checks for taxpayers, as well as several other tax provisions affecting individuals. Let’s take a …

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