COVID Tax credit for Employers who keep workers on Payroll

New law extends COVID tax credit for employers who keep workers on payroll WASHINGTON — The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The Taxpayer Certainty and […]

Coronavirus (COVID-19) Legislation—Businesses

Coronavirus (COVID-19) Legislation for Businesses. Legislation for Businesses. Recent legislation, such as the Families First Coronavirus Response Act and the Coronavirus, Aid, Relief, and Economic Security (CARES) Act has provided some financial and tax relief for certain taxpayers. The following is a summary of some of the provisions. Filing and Payment Deadline The April 15, […]

New employer tax credit 2020

Who qualifies for which new employer tax credit? Many businesses affected by COVID-19 qualify for tax relief though credits or deferrals.  Here’s a breakdown of which employers qualify for these new tax credits and the deferral of employment tax deposits and payments through Dec. 31, 2020. Credits for paid sick and family leave Businesses and […]

Retirees and taxes

When it comes to taxes, growing older can have its advantages. But older individuals may also have additional tax-related requirements. Here’s a quick overview of the tax and financial breaks available as you reach a certain age. Higher standard deductions. You’re eligible for a higher standard deduction once you reach age 65. Tax credit for the […]