View in browser  Facebook  Twitter  LinkedIn  May 2020 Newsletter Dear Eric, In this edition of our newsletter, we continue our comprehensive coverage of the COVID-19 emergency. We hope you and your family are safe and healthy. There are many possible options when it comes to tax planning, emergency business funding, payroll, and budgeting that you need to consider before making any financial decision. We highlight several of these options below, including deferral of payroll taxes, payroll tax credits, rebate tracking, unemployment benefits, and much more. If you, your colleagues, family or friends need help, we are here for you. Talk to us before you make any major decisions. We will continue our efforts to monitor the latest opportunities and are proactively implementing additional measures aimed at keeping all of our clients prosperous. We are committed to helping you through this crisis. If you should have any questions, please feel free to contact us directly. Until then, please stay safe. ASK A QUESTION WRITE A REVIEW When Will I Get My Stimulus Check?  The IRS has already sent out 80 million stimulus payments to taxpayers that included their direct deposit information on their most recently filed 2019 or 2018 return. So, if you had filed either your 2019 or 2018 return before the direct deposits were issued, you should already have the money in the bank, UNLESS: read more  Tax Credit Pays for Keeping Employees on Payroll  To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress has provided a refundable employer retention credit available to all qualifying employers regardless of size, including tax-exempt organizations. read more Unemployed by COVID-19? Special Benefits May Apply to You  The CARES Act includes Pandemic Unemployment Assistance (PUA) provisions that extend and supplement state-provided unemployment insurance and are intended to lessen the financial burdens on individuals who have lost their jobs because of the COVID-19 emergency by allowing states to extend unemployment benefits up to 13 weeks and waiving the normal one-week waiting period. The provisions also extend the benefits to individuals who are self-employed, seeking part-time employment, or otherwise ineligible for regular unemployment compensation. read more Rebates Are Finally Flowing – Did You Get Yours; Was It Correct?  The IRS has finally started making those much anticipated Economic Impact Payments, aka “Recovery Rebates.” However, not everyone who was expecting one has received theirs, and some may not be the amount expected. read more Employers Can Defer Payroll Taxes  One of the benefits included in the COVID-19 epidemic stimulus package is the ability for an employer to defer payment of the employer’s share of certain federal payroll taxes. The deferral applies to the employer’s 6.2% share of the Social Security (OASDI) payroll tax. The deferral does not apply to the employer’s 1.45% share of the hospital tax. read more Paycheck Protection Program and Health Care Enhancement Act: What’s In It?  The $484 billion Paycheck Protection Program and Health Care Enhancement Act is a follow-up to the CARES Act that provides funding for PPP, health care, and testing. read more Businesses Score Big Tax Benefits with the CARES Act  As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, Congress restored the ability of businesses that suffer a loss to carry those losses back and recover taxes paid in prior years. The limitation on business interest deductions has also been relaxed, as has the business loss limitation for larger businesses. The legislative package also made a long-awaited beneficial retroactive correction to treatment of qualified improvement property. These changes allow affected taxpayers to recover taxes paid in earlier years, thus providing badly needed cash during these trying times. read more Congress Makes Charitable Giving Easier During the COVID-19 Crisis  To encourage charitable contributions to deserving qualified charities during these trying times, Congress has relaxed some of its restrictions related to how much a taxpayer can deduct as a charitable contribution in any given year. read more Did You Take Your 2020 RMD Too Soon?  As part of the CARES Act, the requirement for older taxpayers to take required minimum distributions (RMDs) from their retirement plans has been waived for 2020. This is primarily due to the drop in value for most investments as a result of the economic effects of COVID-19. read more Coronavirus-Related Tax Relief for U.S. Families and Individuals  In the time of COVID-19, many Americans are struggling financially. Learn more about your various relief options for your taxes & finances. read more How to Create and Use Vendor Records in QuickBooks Online  Keeping your supplies coming in may be difficult right now. Be sure you know your vendors and track their records carefully. read more May 2020 Individual Due Dates  Here are the May 2020 Individual Due Dates read more May 2020 Business Due Dates  Here are the May 2020 Business Due Dates read more MyTaxGuru LLC 2800 West State Road 84 #118 Fort Lauderdale, FL 33312 Ph: (954) 763-2829 info@mytaxguru.com       Copyright ©2020 MyTaxGuru LLC All rights reserved. |
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