Family First Coronavirus Response Act Information from the IRS
Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related
WASHINGTON – Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020. The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members. The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus For additional information, please click on the link below:
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy. Please click on the link below to access additional information from the SBA.
An IP PIN is a six-digit number assigned by the IRS to eligible taxpayers. This pin helps prevent the misuse of taxpayers’ SSNs on fraudulent federal income tax returns. Recently, as a result of the Taxpayer First Act, the IRS has opened the IP PIN system to a variety of taxpayers. In addition to taxpayers whose SSNs the IRS has determined are compromised for tax-filing purposes, IP PINs are now available to those who filed their federal tax return last year as a resident of Florida, Georgia, the District of Columbia, Michigan, California, Maryland, Nevada, Delaware, Illinois, and Rhode Island or received an IRS letter inviting them to “opt-in” to get an IP PIN. Requesting an IP PIN is strictly voluntary. If you choose not to participate in the program, you can file your return as you normally would. If you are assigned or if you request an IP PIN, you must use it – along with your SSN – to confirm your identity on any tax returns filed electronically during the calendar year.
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Thomson Reuters held their 2019 SYNERGY Users’ Conference in Denver, CO this year. This yearly conference is for tax and accounting professionals, and it’s an exclusive opportunity to share expertise, network with peers, and gain practical knowledge. The business partners and staff members were able to attend workshops and spend four days earning CPE credit, getting hands-on training, learning about technology updates, and being inspired by nationally recognized accounting, technology, and motivational experts. This was a great opportunity to network with others and share knowledge and tips to stay ahead of the curve and continue to bring top level service to our clients.
Are you making the most of tax benefits designed to offset some of the high costs of education? The American Opportunity Tax Credit, extended through 2017, provides a tax break of up $2,500 for qualified college expenses. The Act also made permanent several education-related tax options, including a $2,000 maximum contribution amount for Coverdell education savings accounts, which can be used to pay certain elementary, secondary and post-secondary expenses.
Given the many changes, Siepert can help you make sense of the benefits available to you and ensure you’re taking full advantage of them. Contact one of our three offices with your questions.
This fall Siepert welcomed three new employees to the firm. Carla Leikam as a Senior Accountant, Ethan Richter as an Auditor and Valeri Whitmore as an Administrative Assistant. We are looking forward to working with them all. Check out their bio pages for more information.