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[7 Apr 2020 | No Comment | ]

From FA Magazine
Taxpayers now have until July to file most federal and many state tax returns due to the COVID-19 pandemic. But not all federal forms for returns were extended.
The postponement “doesn’t extend the filing of employment taxes [Form 941] and related payroll forms. It also doesn’t extend excise returns
Estimated quarterly taxes. The payment deadline for the first-quarter 2020 taxes has been extended to July 15. Payment for the second quarter of 2020 taxes remains due on June 15. Please do not incorrectly assume all 2020 estimates …

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[3 Apr 2020 | No Comment | ]

Sally P. Schreiber, J.D.,
The IRS on Tuesday issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.
Employers may file new Form 7200, Advance Payment of Employer Credits Due to COVID-19, to obtain advances of employment taxes that are refundable as a result of the new tax credits: the employee retention credit, the qualified sick leave credit, and the qualified family leave wages credit.
The qualified sick leave credit and the …

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[3 Apr 2020 | No Comment | ]

Treasury announced Wednesday that Social Security and Railroad Retirement benefit recipients will receive economic stimulus payments automatically without having to file a tax return.
On Monday, the IRS had said that only taxpayers who had filed tax returns for 2018 or 2019 would receive their payments automatically. (See prior coverage here.) Many Social Security and Railroad Retirement beneficiaries make too little money to be required to file a tax return and may not have filed a return for either year.
The economic stimulus payments, or recovery rebates, were enacted by the Coronavirus …

Accounting »

[12 Mar 2020 | No Comment | ]

Dear Clients and Friends,
The coronavirus presents the accounting profession with numerous challenges, and we wanted to weigh in and advise clients about how to think about your staff, given the potential issues ahead.
Given the current situation, every accounting firm should be making plans now with two goals in mind: (1) keeping yourself and your colleagues safe, and (2) minimizing the disruption to your clients and your business.
The following advice is based on our years of experience in advising accounting firms and on the current Centers for Disease Control …

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[12 Mar 2020 | No Comment | ]

You should protect your personal and financial data from criminals. Thieves use your data to file bogus tax returns and commit crimes while impersonating you.
Follow these steps to protect yourself and your data.
Keep a secure computer.
Don’t leave personal information; lying around.
Give personal information only over encrypted and trusted websites.
Use strong passwords and protect them.
Avoid phishing and malware.
Verify contact information about companies or agencies by going directly to their website.
Think twice before opening email attachments.
Don’t automatically download attachments.
Download and install software only from known and trusted websites.
Protect personal information.
Forward …