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Thursday, May 7, 2020

Service Disallows Tax Deductions for Eligible PPP Expenditures

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Summary: Paycheck Protection Program (PPP) Expenditures Under the CARES Act On April 30th, the IRS issued Notice 2020-32 providing guidance regarding the deductibility for federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program (PPP) […]

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Tuesday, April 28, 2020

COVID-19 Payroll Tax Relief – Credits and Deferral

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Two COVID-19 aid packages recently became law that deliver federal assistance to employers by providing them credits against their payroll taxes. The Families First Coronavirus Response Act (FFCRA) provides 100% of the funds needed by employers with fewer than 500 employees to pay federally mandated emergency leave to employees caring for themselves or others for […]

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Tuesday, April 28, 2020

All Employers Can Defer Employment Tax Deposits Until PPP Loan is Forgiven

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The IRS has issued frequently asked questions (FAQs) on the payroll tax deferral opportunity provided by the Coronavirus, Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136). Under that provision, employers of all sizes (including tax exempt/non-profit employers) can defer the deposit and payment of the employer’s share of Social Security taxes. Self-employed individuals […]

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Saturday, April 18, 2020

COVID-19 Resources for the Healthcare Industry

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Below are the latest publications regarding COVID-19 in the healthcare industry: April 8, 2020: How Post-Acute Care Can Navigate COVID-19 Challenges April 2, 2020: Telehealth’s New Relevancy Amid COVID-19 April 2, 2020: A Checklist for Managing Patient Surge During COVID-19 April 2, 2020: Healthcare Impacts of COVID-19 National Emergency Declaration April 2, 2020: Healthcare Takeaways […]

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Monday, April 13, 2020

Business Continuation: Guidance & Strategic Planning

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WE’RE HERE FOR YOU… In the wake of this unprecedented time, Fust Charles Chambers LLP understands that it may be challenging to have the appropriate resources available to provide the required attention on both operational issues and impending concerns regarding your business continuation. We have the resources, expertise and tools to assist you to proactively […]

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Thursday, April 9, 2020

Coronavirus aid, relief, and economic security act: Manufacturing Impacts

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On Friday, March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act), a $2 trillion stimulus package intended to help mitigate the economic devastation caused by the novel coronavirus (COVID-19). The stimulus is good news for manufacturers, many of whom are struggling given the current economic […]

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Wednesday, April 1, 2020

Paycheck Protection Program (DOWNLOAD SBA APPLICATION)

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TO DOWNLOAD SBA PPP APPLICATION CLICK HERE The Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website. The American Institute of Certified Public Accountants has provided guidance to all CPA firms and has suggested that we act quickly to:  Share the application and accompanying borrower guide with our clients ASAP; and Encourage clients to Contact your local banker […]

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Tuesday, March 31, 2020

CARES Act

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On March 27, 2020, President Trump signed into law H.R. 748 – the Coronavirus Aid, Relief and Economic Security (CARES) Act. The purpose of the CARES Act is to provide emergency assistance and health care response for individuals, families and business affected by the 2020 coronavirus pandemic. The $2 trillion dollar package includes emergency relief […]

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Saturday, March 21, 2020

Notice 2020-18: Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic

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Yesterday, the IRS issued Notice 2020-18. Notice 2020-18 affects any individual, trust, estate, partnership, association, company or corporation (per IRC section 7701(a) (1)) with a Federal income tax return or a Federal income tax payment due April 15th, 2020.  The due date of the Federal income tax return or Federal income tax payment is automatically […]

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Saturday, March 21, 2020

Federal Aid Package Helps Individuals Affected by COVID-19

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Download as PDF The Families First Coronavirus Response Act (H.R. 6201), became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding. The Act includes up to 80 […]

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