Cash payments and tax relief for individuals in new law
A new law signed March 27 provides a variety of tax and financial relief to Americans during the coronavirus (COVID-19) pandemic. The CARES Act provides an eligible individual with a cash payment of: $1,200 ($2,400 for eligible married couples filing jointly) plus $500 for each qualifying child. The payment is reduced by 5% of adjusted gross income (AGI) in excess of: $150,000 for a joint return, $112,500 for a head of household, and $75,000 for all other taxpayers. Under the rules, the payment is completely phased-out for a single filer with AGI exceeding $99,000 ($198,000 for for joint filers with no children and $146,500 for a head of household with one child). Contact us with questions.
Brief recap of key provisions of the CARES Act
Here is our brief recap of just some key provisions of the CARES Act, signed into law by President Trump This past Friday March 27th, that may be of immediate help to you during these trying times. The Paycheck Protection program is an SBA Loan program which offers loans for small businesses with fewer than […]
Extension of April 2020 Michigan income tax filing deadlines
The novel coronavirus (COVID-19) is a respiratory disease that can result in serious illness or death. It is caused by a new strain of coronavirus not previously identified in humans and easily spread from person to person. There is currently no approved vaccine or antiviral treatment for this disease. On March 10, 2020, the Michigan […]
Filing and Payment Deadlines Questions and Answers
In Notice 2020-18 (PDF), the Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency. Below are answers to frequently asked questions related to the relief provided in the Notice. These questions and answers will be updated periodically […]
Michigan lawmaker calling for Michigan income tax filing deadline to be extended
LANSING, Mich – Rep. Shane Hernandez is calling for the State of Michigan to move back its income tax filing deadline to July 15, mirroring a recent move by the federal government sparked by the coronavirus crisis. Hernandez called on Gov. Gretchen Whitmer to make the change, but said he is ready to pursue the […]
IRS Clarifies 2020 filing requirements
Key points The filing and payment deadline for individual and business returns and payments due on April 15th has been extended to July 15th 2020 Payment extension is not allowed for amounts in excess of 1mm (including 1st quarter 2020 estimate) Can extend filing (not payment on July 15th to October 15th 2020 Contributions to […]
SBA offering loans to small businesses hit hard by COVID-19
If your small business has been hurt by the outbreak of the coronavirus (COVID-19), the Small Business Administration is offering some financial relief. The agency has announced the availability of Economic Injury Disaster Loans under the Coronavirus Preparedness and Response Supplemental Appropriations Act. Each state’s governor can submit a request for assistance, the criteria for which have been relaxed. Once approved, the loans may provide up to $2 million in financial assistance to small businesses anywhere in the state. The interest rate is 3.75% for qualifying companies and 2.75% for eligible nonprofits. Terms vary based on a borrower’s ability to repay. Contact us for more info.
Individuals get coronavirus (COVID-19) tax and other relief
Taxpayers now have more time to file their returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The IRS announced that the filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer making federal income tax payments, due on April 15 until July 15, without penalties and interest, regardless of the amount they owe. The deferment applies to individuals, trusts, estates, corporations, other non-corporate tax filers and those who pay self-employment tax. They can also defer their initial quarterly estimated federal income tax payments for the 2020 tax year from the April 15 deadline until July 15. Contact us with questions.
IRS Clarifies Payment Extension | Due date remains April 15
The IRS issued Notice 2020-17 clarifying the recent announcement by Treasury Secretary Mnuchin extending tax payments. The due date for filing 2019 federal income tax returns remains April 15 absent a valid extension. We do not know if there will be a failure to file penalty if an extension or return is not submitted by […]
The difference between a mission statement and a vision statement
Many business owners put off writing mission statements, and perhaps even fewer have created vision statements. There are reasons for doing both. Stakeholders such as lenders, investors and job seekers appreciate such statements. You and your employees may also benefit from the renewed focus of putting your mission and vision into words. What’s the difference? A mission statement’s purpose is to express why you’re in business, what you’re offering and whom you’re looking to serve. It should be free of industry jargon and no more than a brief paragraph. A vision statement tells interested parties what you want to accomplish. It should be short and catchy. Contact us for more info.