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…
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…
FRSCPA Partner, Joan Gibbons, along with fellow NFCA member, Steve Edelheit, spoke about “The Gold Standards in Buying/Selling McDonald’s Restaurants,” to the Women Operators Network in Austin, Texas. This video snip captures the essence of both the potential buyer and seller of a restaurant, and what might be important for them in the negotiation process.…
In November FRSCPA helped sponsor the Beta Alpha Psi USFSP 2017 Initiation Banquet.
For the recorded Webinar from 11/9/17, please click the link below: WOTC 101– Everything You Need to Know about Hiring Tax Incentives Topics to be Covered: What are hiring tax credits? What is the Work Opportunity Tax Credit? What are State and Local Tax Incentives? Who is eligible? How to claim the credits Hurricane…
On September 29, 2017, President Trump signed into law The Disaster Tax Relief and Airport and Airway Extension Act of 2017 (“the Act”). The Act provides a variety of additional tax relief measures to assist in the recovery from Hurricanes Harvey, Irma, and Maria. This includes the following: Employee Retention Credit The Act provides for…