Tip Sheet on Health Coverage Option for Employers Helping their Employees During the COVID-19 National Emergency

This article was published by the Centers for Medicare and Medicaid Services for the Health Insurance Marketplace. CMS’ top priority is protecting the health and safety of the Americans. CMS is providing this important information for employers, so they can help Americans who are experiencing major changes in their lives, such as loss of job …

Is Social Security Taxable?

One of the most frequent questions the IRS gets asked every year is whether Social Security benefits are taxable. IRS.gov has a tool called the Interactive Tax Assistant (ITA) that can help you find out the answer. To find it, go to IRS.gov/ita. Scroll down to the retirement section and click the question that says, …

Common Errors to Avoid When Filing for Advance Payment of Employer Credits

This article was published by the IRS. Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – …

Can I Get a Paycheck Protection Program Loan if I’ve Laid Off Employees?

This article by Danielle Higley was published by Intuit. If you’ve laid off employees due to the coronavirus between February 15, 2020, and June 30, 2020, you may still qualify for a forgivable loan through the Paycheck Protection Program (PPP) if you meet certain requirements. Additionally, if you return employees and wages to their pre-February …

Extension to File and Pay

  The IRS deadlines to file and pay federal income taxes are automatically extended to July 15, 2020. The extension applies to individuals, trusts, estates, corporations, and other non-corporate tax filers. There will be no late filing penalty, late payment penalty, or interest. The new due date also applies to 1st and 2nd quarter estimated …

Economic Impact Payments Continue to Be Sent, Check IRS.gov for Answers to Common Questions

This article was published by the IRS. As Economic Impact Payments continue to be successfully delivered, taxpayers can go to IRS.gov for answers to many common questions, including help to use two recently launched Economic Impact Payment tools. The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool frequently asked …

Employee Retention Credits Versus the Paycheck Protection Program

This article by Myranda Mondry was published by Intuit. As the coronavirus continues to slow consumer spending and suspend regular business operations, small business owners are turning to emergency loans and grants. Among them are the Paycheck Protection Program (PPP), a loan intended to maintain employee payroll, and the Economic Injury Disaster Loan (EIDL). But …