How to Back Up and Move a Company File
How to Back Up and Move a Company File You may not think of your QuickBooks company file as being portable, but it is. While most of the time it stored safely on the hard drive of your desktop computer or laptop, there may come a time when you need to move it. The most […]
Relief for Businesses with Net Operating Losses
Taxpayers with net operating losses (NOLs) form a business are provided tax relief under the CARES Act. Tax relief for partnerships filing amended returns is provided as well. Let’s take a look at three key points: 1. Claiming NOLs Taxpayers with net operating losses that are carried back under the CARES Act are now able […]
Employee Retention Credit Could Help Your Business
Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000 that are paid by an eligible […]
Job Loss Could Affect Your Tax Situation
If you’ve lost your job you may have questions about how it could affect your tax situation. Here are some answers: Q: I lost my job. How does this affect my tax situation? A: The loss of a job may create new tax issues. For example, any severance pay you receive is considered taxable income as […]
Additional Tax Deadlines Extended
As a reminder, taxpayers now have until July 15, 2020, to file and pay federal income taxes originally due on April 15 and no late-filing penalty, late-payment penalty or interest will be due. Due to the coronavirus pandemic, this relief has been expanded to include additional returns, tax payments and other actions: All taxpayers that […]
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 […]
Relief for Other Coronavirus-related Tax Issues
Relief for taxpayers facing the challenges of COVID-19-related tax issues is now available through the IRS People First initiative. The projected start date will be April 1 and the effort will initially run through July 15, 2020. During this period, to the maximum extent possible, in-person contact will be avoided; however, the IRS will continue […]
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 […]
