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Expenses Paid with Forgiven Paycheck Protection Program Loans are Not Deductible – For Now

By |2020-05-06T13:24:34-04:00May 2nd, 2020|Coronavirus, News Articles|

Original Article: https://www.barnesdennig.com/2020/05/forgiven-ppp-expense-proceeds-not-deductible/ According to new guidance issued by the IRS, (Notice 2020-32) expenses paid for with debt that is forgiven will not be tax-deductible. That means that if you received a Paycheck Protection Program (PPP) loan and spent the money on qualifying expenses, and the entire amount of the [...]

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Big Changes to $10,000 SBA Grant & PPP

By |2020-04-12T17:39:15-04:00April 12th, 2020|Coronavirus, Employees & Independent Contractors|

Although not officially announced, sources are reporting that the SBA's current $10,000 Advance program for sole proprietors and small businesses isn't what it seems. The $10,000 grant falls under the Economic Injuty Disaster Loan program. Originaly advertised as a no questions asked advance of $10,000 that doesn't have to be [...]

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Direct Deposit for Coronavirus Stimulus ($1200) Checks

By |2020-04-10T17:43:38-04:00April 10th, 2020|Coronavirus, Individual Income Tax|

Link to Original Article: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here  Who is eligible for the Economic Impact Payment? U.S. citizens or resident aliens who: Have a valid Social Security number, Could not be claimed as a dependent of another taxpayer, and Had adjusted gross income under certain limits. Who will receive the Economic Impact Payment [...]

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Financial Resources for Everyone during Coronavirus Pandemic

By |2020-03-31T08:01:07-04:00March 26th, 2020|Coronavirus, Corporate Income Tax, Employees, Employees & Independent Contractors, Employers, Individual Income Tax, Payroll, Penalties and Interest, Retirement, Tax Payments|

At AFSG, we know that the novel coronavirus (COVID-19) has not spared anyone. Individuals, families, small businesses, gig-workers, sole-proprietors, employers... Everyone has been impacted by this pandemic. Finding the most current information has been tough. We will try to keep this webpage as up to date as possible with FACTS, [...]

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Tax Day now July 15th- regardless of amount owed

By |2020-03-21T13:12:13-04:00March 21st, 2020|Coronavirus, Corporate Income Tax, Individual Income Tax, News Articles, Tax Payments|

Issue Number: IR-2020-58 Source: IRS.gov Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed WASHINGTON – The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to [...]

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Coronavirus-Tax Credit, Immediate Relief for Small Businesses to Help Employees

By |2020-03-20T20:10:33-04:00March 20th, 2020|Coronavirus, Corporate Income Tax, Employees, Employers, News Articles, Payroll|

Issue Number: IR-2020-57 Source: IRS.gov Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave   WASHINGTON – Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. [...]

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Guidance for Businesses and Employers Impacted by Coronavirus Disease (COVID-19)

By |2020-03-16T14:36:24-04:00March 16th, 2020|Employers, News Articles, State Taxes|

Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy. Learn more by visiting the Small Business Administration's website: https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19  Details include: Economic Injury Disaster Loan [...]

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Taxpayers should know the signs of a phone scam, especially during filing season

By |2020-03-09T19:23:39-04:00March 11th, 2020|Fraud, News Articles|

IRS Tax Tip 2020-32 Taxpayers should be aware that aggressive criminals pose as IRS agents in hopes of stealing money or personal information. The tax filing season is a prime time for phone scams because people are thinking about taxes. Here are some tell-tale signs of a tax scam along [...]

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Fed Cuts Interest Rates By Half A Percentage Point: How This Will Affect You

By |2020-03-09T19:18:37-04:00March 9th, 2020|First Time Home Buyers, Home Owners, News Articles|

Take Advantage Of Record Low Mortgage Rates Mortgage rates are officially the lowest in American history. 11 trillion in mortgages are eligible for refinancing that would lower the homeowners interest expense and monthly payments. If you have a mortgage rate that is 4% or higher, it’s a good idea to [...]

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Payment options available for those who owe

By |2020-03-05T15:15:24-05:00March 5th, 2020|Individual Income Tax, Penalties and Interest, Tax Payments|

IRS Issue Number:    IR-2020-48 Tax Time Guide: Payment options available for those who owe WASHINGTON — The Internal Revenue Service today reminded taxpayers that if they need to make a tax payment or owe and can’t pay, the IRS offers several options. This news release is part of a series of [...]

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