Taxation of Americans Living Abroad (2019 Filing Season) If you are a US citizen or a US Green Card Holder, a US person the Internal Revenue Code 7701(b), and live overseas, you are taxed on your worldwide income regardless of where you earned it. You are also subject to all the US international tax laws, including Report […]

April 15, 2020 Income Tax Filing and Payment Deadlines Extended to July 15, 2020 (a)   The IRS extended the April 15, 2020 filing and federal income tax payment deadline to July 15, 2020. However, we continue to work on filing returns as soon as possible. (b)   First quarter estimated tax payments usually due April 15, 2020 are […]

IRS Employee Retention Credit The U.S. Treasury Department and the Internal Revenue Service have launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer to each employee between March 13, 2020 and December […]

Deferment of Employer Payroll Tax Payments This deferment provision allows employers and self-employed individuals to delay paying their share of the Social Security payroll tax (6.2% up to $137,700 for 2020) on their employees’ compensation between March 27, 2020 and December 31, 2020. It requires that the deferred employment tax be paid over the following […]

Paycheck Protection Program (PPP) Small businesses may also apply for a loan through the Payroll Protection Program, which is designed to help provide capital to cover the cost of retaining employees. If certain criteria are met, the loan can be forgiven.  Paycheck Protection Program (PPP).  Comment: Presumably, all businesses including independent contractors, have been impacted by […]

Economic Stimulus Payments to Individuals Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child. The Treasury had initially announced that some seniors and others who typically do […]

Frequently Asked Questions (FAQs) Guidance on PPP Loans and FAQ

Treasury Department, April 24, 2020 The following is the Treasury’s Frequently Asked Questions (FAQ) and Answers How to Calculate PPP Loan Amounts

Source: IR-2020-66, April 9, 2020 WASHINGTON — To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 (PDF) extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on […]

Source: IRS, April 10, 2020 To help millions of people, the Treasury Department and the IRS launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. The non-filer tool, developed in partnership between the IRS and the Free File Alliance, provides a free and easy option designed for […]