We understand that many of our Small Business Clients are being severely impacted by COVID-19. This impact includes loss of revenue, liquidity concerns, potential employee layoffs, and the concern of making payroll. Small Business owners are now eligible to apply for low-interest loans due to the COVID-19. The SBA is providing working capital loans of…
Tax Update – Families First Coronavirus Response Act Provides Tax Credits to Both Employers and the Self-Employed On Wednesday, March 18th, 2020, President Trump signed into law the Families First Coronavirus Response Act (FFCRA). The FFCRA provides various legislative responses to the COVID-19 crisis and includes tax credits for both employers and the self-employed. Employer…
COVID-19 RELIEF – IRS ALLOWS 90 DAY INCOME TAX DEFERRAL OF UP $1 MILLION FOR INDIVIDUALS OR $10 MILLION FOR CORPORATIONS In response to the COVID-19 outbreak, the Treasury Department and the Internal Revenue Service issued Notice 2020-17 today to provide temporary income tax payment relief to individuals and businesses. Individuals: Individuals may defer up…
As President Trump declared a national emergency, Treasury Secretary Steven Mnuchin stated at a press conference on March 17, 2020, that individuals taxpayers can defer tax payments up to $1 million for 90 days. Corporations can defer up to $10 million of tax payments for 90 days. The $1 million limit for individuals was established…
A civil penalty is a fine imposed by the Internal Revenue Service on taxpayers who fail to abide by certain regulations. In our experience, this is unintentional. While there are many reasons penalties may be imposed, the most common one we deal with is Failure to File W2 and W3 Forms. When a business chooses…
Welcome to 2020! A new year; a new decade. We certainly hope the new year is off to a great start for you, your family, and your business. As many of you know, I am a Partner at FRSCPA and operate out of our new office in Cary, North Carolina. We just moved our office…
It was interesting to travel this fall, as the Lone Star State of Texas was a focal point of many meetings. We headed to Austin in September to our NFCA (National Franchise Consultants + Accountants) Annual Meeting. We heard from Spero Droulias and his team, how as accountants we can assist our Franchisees in the…
During the month of October, FRSCPA employees cleaned out their closets to benefit a clothing drive for the local CASA Thrift Store. CASA (Community Action Stops Abuse), is the official domestic violence center for Pinellas County. They provide lifesaving services to women, children, and men living with domestic violence. The staff decided to host a…
On September 24th, the U.S. Department of Labor announced a final rule to make 1.3 million American workers eligible for overtime pay under the Fair Labor Standards Act (FLSA). Here are the highlights: • Final Overtime Rule will increase the salary thresholds from $455/week to $684/week (goes up from $23,660/year to $35,568/year) • Employers may…
New rules, beginning in 2020, expand the use of HRA’s (Health Reimbursement Arrangement)– for both small and large employers! As a result of the 21st Century Cures Act of 2016, businesses with fewer than 50 employees may establish a QSEHRA, otherwise known as Qualified Small Employer Health Reimbursement Arrangements. A QSEHRA allows businesses who…