by Brian Hare, CPA, CGMA | Apr 13, 2020 | COVID-19
Unemployment Assistance is available to Self-Employed, Other Newly Eligible Workers on Monday, $600 Federal Payments Also Begin Michigan’s self-employed workers, gig workers, 1099-independent contractors and low-wage workers affected by COVID-19 can apply for federal...
by Brian Hare, CPA, CGMA | Apr 13, 2020 | COVID-19
Before the TCJA, capitalized expenditures for qualified improvement property—i.e., certain improvements to the interior of a non-residential building that occurred after the building was placed in service—generally had a 39-year recovery period, except that three...
by Brian Hare, CPA, CGMA | Apr 13, 2020 | COVID-19
The corporate alternative minimum tax (AMT) was repealed as part of the Tax Cuts and Jobs Act (TCJA), but corporate AMT credits are allowed as refundable credits until 2021. The CARES Act accelerates the ability for companies to recover those AMT credits. Contact us...
by Brian Hare, CPA, CGMA | Apr 13, 2020 | COVID-19
Under the CARES Act, firms may take net operating losses (NOLs) earned in 2018, 2019, or 2020 and carry back those losses five years. The NOL limit of 80 percent of taxable income is also suspended, so firms may use NOLs they have to fully offset their taxable income...
by Brian Hare, CPA, CGMA | Apr 13, 2020 | COVID-19
You may be able to delay payroll taxes by 2 years. Under the CARES Act, employer-side Social Security payroll tax payments may be delayed until January 1, 2021, with 50 percent owed on December 31, 2021 and the other half owed on December 31, 2022. The Social Security...
