Tag: COVID-19

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...

Michigan Department of Treasury says business taxpayers can pay monthly, quarterly sales, use and withholding tax in May

Most Michigan business taxpayers scheduled to make sales, use and withholding tax payments for March and April, or for the first quarter of 2020, can postpone filing and payment requirements until May 20, 2020. The state Department of Treasury will...

Stimulus checks are coming, including for those who don’t typically need to file tax returns

The recently-passed CARES Act gives the IRS authority to automatically send the Economic Impact Payment to Americans who qualify at certain income thresholds.  Most will be evaluated as meeting the income criteria* as evidenced by their 2018 or 2019 income...

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...