Payment Due Notices

Posted by JCB on Sep 17, 2020 in Advice The IRS has suspended the mailing of three notices: the CP501, the CP503, and the CP504. These notices are mailed to taxpayers who have a balance due on their taxes. Although the IRS continues to make significant reductions in the backlog of unopened mail that developed while most IRS operations were closed due to COVID-19, this temporary adjustment to processing is intended to lessen any...
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Extension FAQs

Posted by JCB on Jul 6, 2020 in Advice Sometimes “extension” sounds like a bad word. Here are some frequently asked questions to understand the potential benefits of going on extension. Tax extensions...
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PPP Flexibility Act

Posted by JCB on Jun 8, 2020 in Advice The Paycheck Protection Program (PPP) has been changed to benefit most small businesses. In our opinion, this will lead to more opportunity of PPP loan forgiveness. See the press release and highlights below. https://home.treasury.gov/news/press-releases/sm1026 These modifications will implement the following important changes: Extend the covered period for loan forgiveness from eight weeks...
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2020 Employee Retention Credit

Posted by JCB on Apr 12, 2020 in Advice The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, Public Law 116- 136) provides for a refundable tax credit up to 50% of the qualified retention wages paid, including allocable qualified health expenses, limited to up to $10,000 in wages paid per employee, if such wages are paid by an eligible employer experiencing a full or partial business suspension due to orders from a...
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Paycheck Protection Program

Posted by JCB on Apr 10, 2020 in Advice In response to the COVID-19 pandemic and the shutdown of the U.S. economy, the Small Business Administration (SBA) has a new program called the Paycheck Protection Program. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and...
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COVID-19 Scams

Posted by JCB on Apr 9, 2020 in Advice The Internal Revenue Service is urging taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft. “We urge people to take extra care during this period. The IRS isn’t going to call you asking to verify or provide your financial information so you can get an...
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Paycheck Protection Program (PPP)

Posted by JCB on Mar 29, 2020 in Advice Congress recently passed “The Coronavirus Aid, Relief, and Economic Security Act” (also know as CARES Act), which included the “Paycheck Protection Program” (PPP) for small businesses. This program gives small businesses access to short-term cash flow assistance aimed to help deal with the immediate global impact caused by the COVID-19 pandemic. These loans are made by approved lenders,...
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Families First Coronavirus Response Act: Employer Paid Leave Requirements

Posted by JCB on Mar 29, 2020 in Advice The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19.[1] The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective...
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Payment Deadline Extended to July 15, 2020

Posted by JCB on Mar 19, 2020 in Advice The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that...
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Tax-related Identity Theft

Posted by JCB on Feb 15, 2020 in Advice Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return. You may not even know you’re at risk until it’s too late. How to avoid it and what to do if it happens to you? Protecting yourself from tax id theft...
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