As our team works diligently to prepare for the unknown as it relates to COVID-19 and our business, we are steadfastly working on solutions to help our beloved clients. While it has not yet been mandated for our office to close, most of our team is working remotely. Our technology permits all of our staff…
We announced last week that the IRS Issued Notice 2020-18 postponing Tax Day to July 15, 2020. As a reminder, all federal tax payments and filings due April 15th are now not required to be filed or paid until July 15, 2020. Please note, this does not apply to Second Quarter 2020 estimates, as these…
The IRS issued Notice 2020-18 officially postponing Tax Day to July 15, 2020. All federal income tax filings and payments originally due April 15, 2020, are not required to be filed or paid until July 15, 2020. This includes both 2019 balance-due and first-quarter estimated 2020 tax payments. Notably, the notice does not automatically postpone…
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…