COVID-19 has changed everyone’s schedule, including the government’s. As we wrote about last month, there have been a number of tax-related changes made this year in response to the pandemic. There have been so many changes, in fact, that we thought it might be helpful to provide an overview of the key changes that have
-> Continue reading Overview of 2020 Coronavirus Tax Changes
The Families First Coronavirus Response Act (FFCRA), which was recently signed into law, requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s Wage and Hour Division administers and enforces the new law’s paid leave requirements. These provisions
-> Continue reading Families First Coronavirus Response Act for Employers
The Treasury Department and the Internal Revenue Service announced on March 30 that distribution of economic impact payments will begin in the following three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax
-> Continue reading Economic Impact Payments FAQ
To help people facing the challenges of COVID-19 issues, the Internal Revenue Service recently announced a new program to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. This new program, called the “IRS People First Initiative”, is meant to help people facing uncertainty over
-> Continue reading IRS Adjusts Compliance Efforts Due to COVID-19
The Families First Coronavirus Response Act is a new program that offers COVID-19 assistance for both employees and employers. This new law provides businesses with fewer than 500 employees the funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members. The new law provides these
-> Continue reading New Law Requires Businesses to Provide Paid Leave
The April 15 federal and Indiana state income tax filing due date has been moved to July 15. Here is what you need to know: The due dates for all tax payments normally due April 15 have been pushed back 90 days to July 15, regardless of the amount owed. This applies to all taxpayers,
-> Continue reading Tax Deadlines Moved to July 15
Dear Client, In response to this growing pandemic, we have instituted measures to ensure the safety of our employees and clients while maintaining our high level of service. These measures include limiting in-person contact, more frequent cleaning and sanitizing of our workspaces, and encouraging our team members to meet virtually and work remotely. For the
-> Continue reading Coronavirus Update and Altered Procedures
When completing their income tax return, taxpayers can make certain choices or elections that can really impact the amount of tax that’s due. Here are a few common examples that can create tax savings opportunities if you elect the correct option. Tax filing status. Typically, filing a joint tax return instead of filing separately is
-> Continue reading Elect for Tax Savings
Recent college graduates are graduating with record-setting levels of debt from student loans, reaching a total of $1.5 trillion in 2019. Fortunately, there are ways to get some relief from this debt and take advantage of a few tax breaks at the same time. Here are four ways you can reduce the strain of repaying
-> Continue reading Ease the Pain of Repaying Student Loans
A 529 savings plan is a special type of account that allows after-tax funds to be used to pay for college and K-12 education expenses. As long as the funds are used to pay for qualified expenses, any earnings or interest in the savings plan are tax-free. Any unused earnings on funds are subject to
-> Continue reading New Options for Repaying Student Loans