Employee Retention Credit

The Employee Retention Credit is a refundable tax credit against payroll taxes equal to 50% of qualified wages a qualifying employer pays to employees after March 12, 2020, and before January 1, 2021. The maximum qualified wages per employee is $10,000, Therefore, the maximum credit per employee is $5,000. The credit is available to all[ … ]

Economic Injury Disaster Loans

In response to the Coronavirus pandemic, the President signed H.R. 748, known as the Coronavirus Aid, Relief and Economic Security Act (CARES) on March 27, 2020. The Act includes a new Paycheck Protection Program (PPP) that seeks to provide short-term cash flow through federally guaranteed loans for small businesses impacted by COVID-19. These loans will[ … ]

Coronavirus – Employer Relief Measures and Tax Updates

In response to the COVID-19 pandemic, there are several changes to the traditional tax deadlines and new developments that impact you and your business. Below is a summary of the updates occurring at the federal and state level. Federal Developments – Summary Federal income tax filings and payments originally due on April 15, 2020 have[ … ]

Arizona Extends Tax Filing and Payment Deadline to July 15th

The Arizona Department of Revenue (ADOR) has extended the deadline for filing and paying state income taxes from April 15 to July 15, 2020 The announcement by ADOR includes individual, corporate and fiduciary tax returns. The new deadline means taxpayers filing state tax returns or submitting payments after the previous April 15 deadline but before[ … ]

Financial Assistance for Small Businesses – SBA Loans

On March 6, 2020, President Trump signed the Coronavirus Preparedness and Response Supplemental Appropriations Act, which provides for emergency supplemental appropriations in the amount of $8.3 billion to address issues caused by the coronavirus outbreak. As part of this Act, the Small Business Administration (“SBA”) was authorized to provide disaster assistance loans on a state-by-state basis.[ … ]

Tax filing deadline moved to July 15

The U.S. Treasury has extended the April 15 tax filing deadline to July 15 to give individuals more time to prepare and pay their taxes during the coronavirus outbreak. Treasury Secretary Steven Mnuchin said on Friday, March 20, “All taxpayers and businesses will have this additional time to file and make payments without interest or[ … ]