by Paula Kennedy, EA | Jun 23, 2020 | COVID-19
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a...
by Hare CPAs Tax Team | Jun 4, 2020 | COVID-19
The economic impact of the COVID-19 has been enormous. Some estimates suggest over 30 million Americans have filed for unemployment benefits as a result of this economic impact. Normally when applying for unemployment, you would be eligible to receive a certain...
by Paula Kennedy, EA | May 28, 2020 | COVID-19
If you’re still expecting to receive a stimulus payment from the IRS in the form of a paper check, there may be a surprise coming in your mailbox soon. The U.S. Treasury Department has announced that the IRS will begin sending out four million stimulus payments on...
by Paula Kennedy, EA | May 28, 2020 | COVID-19
The short answer: No. The stimulus check payment or economic impact payment, as the IRS calls it — is technically a refundable tax credit for 2020. As explained by the IRS: “No, the payment is not income and taxpayers will not owe tax on it. The payment will not...
by Brian Hare, CPA, CGMA | May 26, 2020 | COVID-19
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under...
