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COVID-19 Legislation Update

Here are some key highlights from the CARES Act passed on Friday 3/27/20.

Recovery Rebate Checks

Filing statuses of single or head of household taxpayers will receive $1,200 and filing status of married filing joint taxpayers will receive $2,400 based on their Adjusted Gross Income. There is an additional $500 for each qualifying child.

The rebate check amount will be...

COVID-19 Legislation Update

To our valued clients,

As of today, the IRS has issued additional guidance on the Federal filing and payment extension and we would like to provide further information as well as a link to the IRS FAQs page.

Contributions to Individual Retirement Accounts (IRAs) including SEP IRA accounts

Because the due date for filing Federal income tax returns has...

Families First Coronavirus Response Act

The President has signed the Families First Coronavirus Act (FFCRA) in an attempt to ease the economic consequences stemming from the COVID-19 outbreak. Among other things, the bill provides family and medical leave and sick leave to employees and offers tax credits to employers and self-employed individuals providing the leave. It becomes effective April 2, 2020 and contains...