For most PPP loan recipients, the 24-week Covered Period ended during the past several weeks, so now it is time to apply for forgiveness with your lender. The forgiveness application used and amount of documentation required will first depend on the amount of your PPP loan. If you received a PPP loan of $50,000 [...]
The Alabama Department of Revenue (ADOR) posted a notice on their website on October 1, 2020 stating that for the first time Alabama taxpayers holding either an ADOR-issued sales tax, rental tax, sellers use tax, lodgings tax, utility gross receipts tax, or Simplified Sellers Use Tax (SSUT) license must renew that license between November [...]
Governor Kay Ivey awarded $35 million in Coronavirus Aid, Relief and Economic Security Act (CARES Act) funds to establish the Alabama Health Care and Emergency Response Providers grant program. The grants will support providers who have been financially impacted by the COVID-19 pandemic. "The health crisis we continue to face has had significant impact on [...]
We often get asked by clients and their employees, “When Should I File a New W-4?” At a minimum, we suggest reviewing your filing annually. Often, a large refund or tax bill is a good reminder to check your withholding. The IRS offers its own Tax Withholding Estimator that is very useful. If you [...]
Do you have a child attending college this fall? Whether the school has remote learning or classroom instruction—or a hybrid—you may be entitled to various tax breaks on the 2020 return you will file in 2021. Here are four of the tax benefits on the books. American Opportunity Tax Credit: This credit, which has expired [...]
On Friday, August 28th, the IRS issued Notice 2020-65 to provide details for implementation of the Presidential Memorandum issued by President Trump on August 8th that provided a deferral of certain payroll taxes for employees. What we know now: The employee’s share of Social Security tax withholding (6.2%) is deferred for applicable wages paid [...]
The Coronavirus Aid, Relief and Economic Security (CARES) Act encourages taxpayers to contribute to worthy charitable causes during this unprecedented health crisis. Accordingly, here are three key tax breaks in the new law for individual and corporate donors in 2020. 1. Deduction for non-itemizers: Normally, you may write off contributions to charitable organizations, subject [...]
The new Coronavirus Aid, Relief, and Economic Security (CARES) Act includes two key provisions providing relief to taxpayers with student loan debt. One provision applies to Direct Loans, Perkins Loans and Federal Family Education Loan (FFEL) obligations owned by the U.S. Department of Education; the other expands the benefits of a fringe benefit plan for employees. [...]
Despite recent tax law changes, there still is no place like home from a tax perspective. Following are five key tax breaks associated with home ownership. Sale of principal residence: As long as you meet certain requirements, you can exclude from federal income tax up to $250,000 of gain for single filers and $500,000 for [...]
We hope by now you probably know that the CARES Act, passed in March, enables taxpayers with a required minimum distribution (RMD) due in 2020 to skip the payment this year. But did you know that you can roll your funds back into your retirement account if you have already taken your RMD this year? You [...]