A month after doubling as the state’s economy staggered under the coronavirus pandemic, Arizona’s unemployment dropped by 4.5 percentage points during May. The state Office of Economic Opportunity reported that the seasonally adjusted unemployment rate for May was 8.9%, down from 13.4% in April as business closures and other impacts from the pandemic took hold.[ … ]
If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.
On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act passed on June 5, 2020. The updated guidance accounts for revisions made to the covered period, usage of funds changes, extended safe harbors, and more. Here is[ … ]
On June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act after it passed the Senate with a unanimous vote. The bill drafted by the House extends certain provisions of the Paycheck Protection Program (PPP) to provide small businesses with relief in the timeframe and use of their PPP loan funds.[ … ]
If your business has received an SBA Paycheck Protection Program (PPP) loan, now is the time to begin planning how you will allocate and document your spending over the relevant covered period to ensure you receive the maximum loan forgiveness. Work with our PPP Loan Task Force We have designed flat-fee consulting packages to help[ … ]
Do you want to save for retirement on a tax-advantaged basis? It’s not too late to make 2019 IRA contributions (if you’re eligible) just because it’s 2020. And this year, the IRS extended the deadline three months due to COVID-19. Here are the rules and who can make contributions.
Stimulus checks are already arriving in mailboxes and bank accounts, but not everyone who receives a stimulus check needs the money. Part of the recent CARES Act, these stimulus checks include $1,200 for single filers or $2,400 for joint filers, plus $500 for each dependent child under age 17. The amount of the payment is[ … ]
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an[ … ]
Updated Information – 5/13/2020 SBA issues new guidance on PPP loan necessity certification The CARES Act includes loan forgiveness provisions for loans received under the Paycheck Protection Program (PPP). The exact details are not yet clear. However, the Small Business Administration (SBA) has promised clarification of the forgiveness provisions at a future date. This Q&A[ … ]
The IRS recently published FAQs that clarify payment of the employer’s share of FICA from March 27, 2020 through December 31, 2020. In the IRS FAQs (linked below), the IRS has clarified that all employers may defer payment of the Employer’s share of FICA (i.e. the 6.2%) for deposits and payments otherwise due beginning March[ … ]