Ideas & Insight

Millions of eligible Americans have already received their Economic Impact Payment (EIP) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to get […]

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27, including adjusted retirement plan & charitable contributions rules. The Coronavirus Aid, Relief, and Economic […]

On April 9th, the Federal Reserve took additional actions to provide up to $2.3 trillion in loans to support the economy through the Main Street Lending Program (“MSLP”). The actions the Federal Reserve are taking to support employers of all sizes and communities across the country will ensure credit flows to small and mid-sized businesses. […]

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 Pandemic Unemployment Assistance (PUA) beginning Monday, April 13 at 8 a.m. Under the federal CARES Act, workers on state unemployment have […]

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 categories of property (qualified leasehold improvements, retail improvements, and restaurant property) had a more beneficial, 15-year recovery period. The TCJA […]

The corporate alternative minimum tax (AMT) was repealed as part of the Tax Cuts and Jobs Act (TCJA), but corporate AMT credits are allowed as refundable credits until 2021.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 for additional information or to discuss your specific situation.

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 for 2019, 2019 and 2020. The […]

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 Trust Fund will be back-filled by general […]

Employers are eligible for business tax provisions like the payroll tax credit under the CARES Act. This includes a 50 percent refundable payroll tax credit on qualified wages [up to $10,000] with respect to each employee during the crisis. The credit is available to employers whose businesses were disrupted due to virus-related shutdowns and Employers […]

Many people are familiar with tax credits for individual taxpayers, such as the credits for higher education expenses or the child tax credit. But businesses and business owners also may be eligible for some valuable credits that can lower their tax bills. Here are seven credits for small business owners to consider this tax year and beyond. 1. Research Credit […]