Blog posts from: 2020
Other tax relief provisions of the CARES Act
There has been much discussion concerning the provisions for loan relief and payroll tax credits for businesses and the economic stimulus checks for individuals. But there are several other provisions geared towards individual and businesses taxes: INDIVIDUAL PROVISIONS Charitable deduction...
Self-employed, other newly eligible Michigan workers can apply for unemployment, $600 federal payments also begin
Michigan’s self-employed workers, gig workers, 1099-independent contractors and low-wage workers affected by COVID-19 can apply for federal Pandemic Unemployment Assistance (PUA) beginning Monday, April 13 at 8AM. Under the federal CARES Act, workers on state unemployment have already begun receiving...
Non-tax filers in 2018 or 2019 who do not receive Social Security benefits must now register to receive federal stimulus checks
Economic Impact Payments, also called COVID-19 stimulus checks, will soon be distributed by the federal [caption id="attachment_6237" align="alignright" width="261"] .[/caption] government to all Americans according to tiered income bracket qualifications. The stimulus payments are automatic for most taxpayers; no further...
CARES Act Provider Relief Fund brings help to physicians and other healthcare providers during COVID-19 pandemic
As part of the $2 trillion CARES Act, $30 billion is being distributed immediately to eligible healthcare providers throughout the American healthcare system. These are payments, not loans, to healthcare providers, and will not need to be repaid. Who is...
IRS extends more tax deadlines to cover 6/15 estimates, 2016 amended 1040s, and other returns
To help taxpayers amid the COVID-19 pandemic, the Department of Treasury and the Internal Revenue Service extended additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and...
CMS Approves Accelerated/Advance Payment Program for Medicare Providers
The Centers for Medicare & Medicaid Services (CMS) has delivered near $34 billion in the past week to the healthcare providers as part of an expansion of the Accelerated and Advance Payment Program, to ensure providers and suppliers have the...
Guest Author Dan Bolda: New legislative changes to 401(k) provisions offers COVID-19 relief
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a host of provisions providing relief for both individuals and businesses with respect to retirement plans, including expanded availability of hardship withdrawals and plan loans. Plan sponsors must...
ShindelRock Partner Maria Montie discusses pandemic tax and financial advice for businesses and individuals on WJR’s Paul W. Smith Show
On Friday, April 3, ShindelRock partner Maria Montie was a guest on 760 WJR-AM radio's Paul W. Smith Show. Listen here as she details steps businesses and individuals should take in response to the pandemic stimulus packages and relief programs recently...
Temporary leave vs. termination during the pandemic
With all of the uncertainty surrounding COVID-19 relief programs, the Michigan Department of Labor and Economic Opportunity (MiDLEO) is urging employers to “place employees on temporary leave and advise the worker that they expect to have work available within 120 days,...
Unemployment Compensation Provisions in the Take Responsibility for Workers and Families Act
The new $2 trillion CARES Act contains provisions related to unemployment compensation of which many small business owners may choose to take advantage: Federal - Enhanced Unemployment Assistance Under the CARES Act - Supplemental Federal Pandemic Unemployment Compensation: The program provides...