Tag: CARES Act

Employee Retention Tax Credit significantly modified and expanded for businesses

The recent Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the Employee Retention Tax Credit (ERTC) under section 2301 of the CARES Act.  Two key changes to the ERTC are: 1.  The ERTC is...

$900 COVID-19 Relief Bill offers new help for individuals and businesses

Congress approved a long-awaited and far-reaching $900 billion pandemic rescue package.  The bill will include direct payments of up to $600 per adult and dependents (for those making less than $75,000 a year filing single or $150,000 married filing jointly), although there...

IRS announces rollover relief for retirement account RMDs that were waived under the CARES Act

The Internal Revenue Service is allowing anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver...

Healthcare providers must act by June 3 to receive additional relief fund general distribution payment

Today, the U.S. Department of Health and Human Services (HHS) is reminding eligible providers that they have until June 3, 2020, to accept the Terms and Conditions and submit their revenue information to support receiving an additional payment from the...

Medical Practice Owners and Healthcare Providers Eligible for CARES Act Relief Through HHS

Medical practice owners and healthcare providers are eligible for some of the $50 billion CARES Act relief funding through the Department of Health and Human Services (HHS).  All relief payments are being made according to tax identification number (TIN). For...

New pandemic relief lending program for larger businesses: the Main Street New Loan facility

The Main Street Lending Program, a newly created program by the Federal Reserve, will enhance support for small and mid-sized businesses that were in good financial standing before the COVID-19 crisis by offering 4-year loans to companies employing up to...

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...

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...