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Federal Gift Tax Filing & Payment Deadline Now July 15, 2020
You may have heard that the federal income tax filing and payment deadline has been extended from April 15, 2020, to July 15, 2020, to provide relief for taxpayers adversely affected by the coronavirus (COVID-19) pandemic. What you may have missed is that the U.S. Treasury Department also extended the
CARES Act – Qualified Improvement Property Change
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP
Financial Statements Can Help During COVID-19
The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these typically comprise a statement of
COVID-19 Webinar Series for Businesses and Employers
Federal and state agencies are continually updating COVID-19 resources and directives for businesses and employers. We know it can be difficult and confusing staying up on the constant changes. Here are some recently recorded webinars we co-hosted with Autopaychecks, Michael Santo, and Timberline Bank you may find helpful. CARES Act
CARES Act & FFCRA Employer Payroll Tax Incentives
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on
Economic Impact Payments – Here’s How Much You’ll Get
Employed full or part time? Unemployed? A temporary or gig worker? Retired or disabled? Receive public benefits? Have no income? Most U.S. residents – under certain income levels - will receive the Economic Impact Payment if they are not claimed as a dependent of another taxpayer and have a Social
CARES Act – Employee Retention Tax Credit
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention tax credit is available to employers, including nonprofit organizations, with operations that have been fully
CARES Act: Retirement Plan and Charitable Contribution Rule Changes
The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief, notably the “economic impact payments” that will be made to people under a certain income threshold. But the law also makes some changes to retirement plan rules and provides a new tax break for some people
CARES Act Stimulus Payments to Individuals
A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual Cash Payments
Business and Employer Resources for Coronavirus
DWC has created a resources page to help businesses and employers navigate coronavirus news and updates regarding tax deadlines and payment extensions, federal and state relief provisions, and disaster loan assistance. We continue to update the page as information becomes available. Click HERE or find on our website under the