Author Archives: ABIP



ABIP

H.R. 6201: Families First Coronavirus Response Act
in COVID-19

H.R. 6201: Families First Coronavirus Response Act

H.R. 6201: Families First Coronavirus Response Act This legislation has now passed both the House and the Senate and has been enacted into law by the President. The effective date is 15 days after enactment: April 2, 2020. Executive Summary This legislation applies only to employers who employ less than 500 employees. This legislation is not retroactive; its provisions will apply beginning 15 days after...

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23 Mar 2020
Employers Can Immediately Provide Tax-Free Qualified Disaster Payments to Employees in Connection With COVID-19
in COVID-19

Employers Can Immediately Provide Tax-Free Qualified Disaster Payments to Employees in Connection With COVID-19

Employers Can Immediately Provide Tax-Free Qualified Disaster Payments to Employees in Connection With COVID-19 Employers are scrambling to find ways to help their employees who are impacted by the novel coronavirus (COVID-19). Help is available. Now that the COVID-19 has been declared a national emergency, Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as...

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19 Mar 2020
Federal Aid Package Helps Individuals Affected By COVID-19
in COVID-19

Federal Aid Package Helps Individuals Affected By COVID-19

Federal Aid Package Helps Individuals Affected By COVID-19  The Families First Coronavirus Response Act (H.R. 6201),  became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding. The Act includes up to 80 hours of emergency paid sick...

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19 Mar 2020
Tax Payments Have Been Deferred
in COVID-19

Tax Payments Have Been Deferred

Tax Payments Have Been Deferred As the COVID-19 situation continues to change on a daily basis, abip would like to take some time to inform clients of the relief that the federal government has passed thus far. Below are some common questions we have been receiving and the answers to those questions – as of today’s date. Are Tax Filings Delayed This Year? The individual...

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18 Mar 2020
What to Do If You Are Missing Important Tax Forms
in News

What to Do If You Are Missing Important Tax Forms

What to Do If You Are Missing Important Tax Forms If you are ready to file your taxes but are missing important tax forms here’s what you should do: Form W-2 You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2019 earnings and withheld taxes...

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02 Mar 2020
Are Social Security Benefits Taxable?
in News

Are Social Security Benefits Taxable?

Are Social Security Benefits Taxable? Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits such as wages, self-employment, interest, dividends and other taxable income that must be reported...

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01 Mar 2020
Worker Classification: Employee vs. Contractor
in News

Worker Classification: Employee vs. Contractor

Worker Classification: Employee vs. Contractor If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service and state regulators scrutinize the distinction between employees and independent contractors because many business owners try to...

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29 Feb 2020
It’s Not Too Late to Make an IRA Contribution
in News

It’s Not Too Late to Make an IRA Contribution

It’s Not Too Late to Make an IRA Contribution If you haven’t contributed funds to an Individual Retirement Account (IRA) for tax year 2019, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15th due date, not including extensions. Be sure to tell the...

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28 Feb 2020
Tax Filing Season Begins
in News

Tax Filing Season Begins

Tax Filing Season Begins January 27, 2020, marked the start of this year’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here’s what individual taxpayers can expect: Another New Design for Form 1040 The new 2019 Form 1040, which was redesigned...

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04 Feb 2020
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