Coronavirus Aid, Relief, and Economic Security (CARES) Act
By Jennifer Kobylarz, CPA, MST The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by President Trump on March 27, 2020. The $2.2 trillion stimulus package aims to provide aid for workers, small businesses, and industries impacted by the recent Covid-19 pandemic. We will be providing a series of articles covering […]
(CARES) Act: Mid-Sized Business Assistance
By Jennifer Kobylarz, CPA, MST The Act deems businesses with employee counts between 500 and 10,000 to be mid-sized businesses. The Act allows for direct loans with interest rates not to exceed 2%. Furthermore, no interest or principal payments will be due for the first six months. A good faith certification of the follow must […]
(CARES) Act: Business Tax Provisions
By Jennifer Kobylarz, CPA, MST Employee Retention Credits Tax credits are available under the CARES Act against Old Age, Survivors, and Disability Insurance (OASDI) taxes for qualified employers that had to suspend operations or had a significant decrease in gross receipts in an applicable credit quarter. The credit specifically applies to any employer who carried […]
(CARES) Act: Individual Tax Payments and Provisions
By Jennifer Kobylarz, CPA, MST Direct Payments The CARES Act provides for immediate direct payments to certain individuals. The Act has authorized payments of $1,200 per individual, $2,400 per married couple, with an additional $500 per qualifying child based on filed 2019 tax returns. If a 2019 tax return has not yet been filed, the […]