Blog

Category: Tax Services

Important Updates: CARES Act Retirement Account Changes

June 25, 2020 by Allison Stevens
Tax Services
The CARES Act includes two important provisions related to retirement accounts: a suspension of required minimum distributions and a new exception to the early withdrawal penalty.   Changes to Required Distributions  Normally, taxpayers are required to take a distribution from their retirement plans when they turn 72 (70 ½ for...
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Deferral of Employer Social Security Tax Payments

April 21, 2020 by Ali Carbo
Tax Services
The CARES Act includes a provision allowing employers and the self-employed to defer a portion of social security tax payments for the remainder of 2020.  Employers All employers are eligible to defer payment of the employer portion of social security taxes on wages paid from March 27, 2020 through December...
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Families First Coronavirus Response Act - Updated 4/1/2020

April 1, 2020 by Allison Stevens
Tax Services
The Families First Coronavirus Response Act, has been signed by the President and includes mandatory paid leave requirements and related tax credits that will affect many small businesses.  These new rules are effective April 1, 2020. Required Paid Leave Employers with fewer than 500 employees are now required to provide...
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CARES Act - Employee Retention Credit

March 31, 2020 by Jason Kindseth
Tax Services
Background The new law establishes a payroll tax credit for employers subject to closure or experiencing economic hardship due to COVID-19. The business must meet one of two tests for its wages to qualify for the credit: 1. Business is fully or partially shut down due to orders from a...
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