COVID-19

Paycheck Protection Program Flexibility Act
in COVID-19, News

Paycheck Protection Program Flexibility Act

Paycheck Protection Program Flexibility Act On Wednesday, June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020. The PPP Flexibility Act passed the House last week and will now be sent to President Trump for signature into law. The PPP Flexibility Act provides some relief and flexibility in the use of the Paycheck Protection Program (“PPP”) funds. Changes Included: The spending...

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05 Jun 2020
The Tax-Smart Way to Loan Money to Friends & Family
in COVID-19, News

The Tax-Smart Way to Loan Money to Friends & Family

The Tax-Smart Way to Loan Money to Friends & Family Offering to lend money to cash-strapped friends or family members during tough economic times is a kind and generous offer, but before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example: Let’s say you decide to loan $5,000 to...

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06 Apr 2020
Tax Breaks Help Small and Medium-sized Employers
in COVID-19, News

Tax Breaks Help Small and Medium-sized Employers

Tax Breaks Help Small and Medium-sized Employers Small and medium-sized employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed into law on March 18,...

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05 Apr 2020
CARES Act: Information for Individual Taxpayers 
in COVID-19, News

CARES Act: Information for Individual Taxpayers 

CARES Act: Information for Individual Taxpayers The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the stimulus bill that was signed into law on March 27, 2020, contains legislation to stabilize the economy during the coronavirus pandemic. These measures include economic recovery checks for taxpayers, as well as several other tax provisions affecting individuals. Let’s take a look at a few of the highlights: Economic...

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04 Apr 2020
Tax Returns & Estimated Taxes Now Due July 15
in COVID-19, News

Tax Returns & Estimated Taxes Now Due July 15

Tax Returns & Estimated Taxes Now Due July 15 Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. In addition, the payment and return-filing requirements...

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03 Apr 2020
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