The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind.
Here are three considerations.
Continue Reading What to Consider After Filing Your Taxes on July 15
The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIP) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U.S. Government Accountability Office (GAO) reports that $269.3 billion of EIPs have already been sent through a combination of electronic transfers to bank accounts, paper checks and prepaid debit cards.
Eligible individuals receive $1,200 or $2,400 for a married couple filing a joint return. Individuals may also receive up to an additional $500 for each qualifying child. Those with adjusted gross income over a threshold receive a reduced amount.
However, the IRS says some payments were sent erroneously and should be returned.
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax.
So how do you qualify? In other words, what’s a coronavirus-related distribution?
Continue Reading What is a Coronavirus-related Distribution?
The Paycheck Protection Program (PPP) Flexibility Act amends the Small Business Act and the CARES Act, modifying certain provisions in an attempt to make it easier for businesses to have their PPP loans forgiven. For many companies these are welcome changes. However, there are few things to bring to your attention which could lead to unintended consequences in limited cases.
The one constant in the PPP is that the program will change. We do not expect this recent update to be the final PPP outlook, and we anticipate changes to the forgiveness form, as well as more regulatory interpretations that will impact the Program.
Continue Reading What to Watch Out for in the Paycheck Protection Program Flexibility Act
Disclaimers:
Jen: Welcome to a special edition of the PKF Texas Entrepreneurs Playbook where we are going to walk you through the key points of the Paycheck Protection Program Loan Forgiveness application. I’d like to introduce Sam Razmandi, a Director on our Entrepreneurial Advisory Services team.
Sam: I’m happy to be here. Today I’ll be covering:
Before we get started please keep in mind that the information is subject to change and is intended to be a general overview. Let’s go and get started.
Continue Reading Walkthrough of the Paycheck Protection Program Loan Forgiveness Application
The COVID-19 pandemic has affected businesses and not-for-profit organizations alike. With Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law, what options do organizations have to receive funds?
The Not-for-Profit team wants to share with you a special information sheet answering questions you may have:
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One of the strongest predictors of a not-for-profit’s long-term survival is multiple revenue sources. Many organizations with only one or two found that out that the hard way when they failed during the 2008 recession.
The same is likely to be true for not-for-profits that do — or don’t — survive the current novel coronavirus (COVID-19) crisis.
Continue Reading Finding Multiple Revenue Sources During a Crisis
Nearly everyone has heard about potentially receiving an Economic Impact Payment (EIP), which the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion.
However, some people are still waiting for a payment. And others received an EIP but it was less than what they were expecting. Here are some answers why this might have happened.
Continue Reading Was Your Economic Impact Payment Lower Than Expected?
The Small Business Administration (SBA) and Department of Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application with detailed instructions on Friday, May 15, 2020.
The SBA form has instructions that include:
The novel coronavirus (COVID-19) crisis has put enormous financial stress on many not-for-profits — whether they’re temporarily shut down or actively fighting the pandemic. If cash flow has dried up, your organization may need to do more than trim expenses.
Here’s how to assess your financial condition and take appropriate action.
Continue Reading How is Your Not-for-Profit’s Financial Situation?