COVID-19 Understanding Sales Tax Thresholds
COVID-19 caused many brick-and-mortar entities to strengthen or create their online presence, forcing them to address sales tax complexities they did not have to contend with when sales were local.
News
COVID-19 Impact on Social Security
According to retirement professionals and researchers, the pandemic will affect Social Security benefits for those born in 1960, due to the complicated formula the Social Security Administration uses to calculate benefits.
PPP Funds Still Available
With the enactment of the Paycheck Protection Program Flexibility Act, more than $129 billion in PPP funds are still available.
Presentation: PPP Current Tax Developments and Forgiveness
Join Stephen J. Rodis, CPA and Mark R. Dreher, CPA in an ASCPA live online webcast on June 20, 2020, about current PPP tax issues and status of forgiveness portion of the PPP loan program, including financial reporting options.
SBA Accepting New EIDL Applications
The Small Business Administration (SBA) is accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from qualified small businesses and agricultural businesses.
PPP Partial Loan Forgiveness
The PPP Flexibility Act offers partial loan forgiveness when a borrower uses less than 60% of the loan for payroll costs during the forgiveness covered period.
Paycheck Protection Program Flexibility Act of 2020
President Trump signed the Paycheck Protection Program Flexibility Act of 2020 modifying certain provisions related to PPP loan forgiveness. One important modification allows recipients of loan forgiveness to defer payroll taxes.
SBA PPP Guidance on Employees Refusing to be Rehired
The SBA issued PPP loan guidance that businesses can exclude laid-off employees from loan forgiveness reduction calculations if employees reject a written offer to be rehired.
COVID-19 Work From Home State Tax Agreements
COVID-19 may have created tax complications for companies with employees working from home in another state. To prevent tax surprises for you and your employees, understanding how to classify wages will avoid penalties and amending tax filings.
2021 Inflation-Adjusted HSA Increase
The IRS announced an inflation-adjusted increase to Health Savings Accounts (HSAs) for calendar year 2021. HSAs are savings accounts that employees can use with a high-deductible health plan to cover higher deductibles and copays.
CARES Act Retirement Provisions
Recent government aid in the face of COVID-19 extends beyond tax breaks. It also includes provisions for various aspects of retirement plans.
CDC Guidance on Reopening Businesses
The CDC has given guidance for reopening certain businesses under specific circumstances. Businesses should start developing their reopening plans with these guidelines.
PPP Loan Forgiveness Application
On May 15, 2020, the SBA published its PPP Loan Forgiveness Application, with instructions, providing some clarity about allowing borrowers to use their regular payroll schedule. Borrowers were concerned about matching their payroll cycle to the testing or covered period in the forgiveness formula.
Arizona Stay At Home Order Expires May 15, 2020
Arizona Governor Ducey announced retail, including retailers in indoor shopping malls, pools, gyms, fitness providers, spas, massage therapists, and personal services may open on May 13, 2020, with physical distancing and enhanced sanitation.
PPP Repayment Deadline Extended to May 14, 2020
The Trump Administration extended the deadline for companies to repay PPP loans from May 7, 2020 to May 14, 2020. The decision comes after many groups and organizations requested the administration provide additional time for companies to determine if they would return the funds.
Majority Supports Protecting Employers from COVID-19 Lawsuits
The U.S. Chamber Institute for Legal Reform released a poll showing that Americans across the political spectrum believe that employers must have protections from COVID-related lawsuits. The poll shows more than 6-in-10 Americans say Congress should extend liability protections to employers.
PPP: Tax Responsibilities and Disbursement Rules
The IRS and SBA issued guidance clarifying certain rules about PPP. Whether you have a loan already or preparing to apply, you should be aware of tax responsibilities and disbursement rules.
Arizona Restaurants and Salons to Reopen
Arizona Governor Ducey announced barbers and cosmetologists can resume operations on May 8, 2020, and dine-in restaurants on May 11, 2020, with safety protocols and best practices.
Arizona Stay Home Order Modified Through May 15, 2020
On April 29, 2020, Governor Ducey loosen some Stay Home restrictions, including a phased in approach for retail stores effective May 4, 2020. The Stay Home order remains in effect through May 15, 2020, with modifications.
Offering COBRA to Furloughed Employees
Are companies required to offer COBRA to employees that lose coverage under a group health plan due to a furlough relating to COVID-19?
COVID-19 CARES Act Net Operating Losses
The Internal Revenue Service issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses, offering a six-month extension to file on carrybacks.
CARES Act Provider Relief Fund
According to HHS, a portion of the $100 billion Provider Relief Fund will be used to reimburse healthcare providers, at Medicare rates, for COVID-related treatment of the uninsured. As a condition, providers are obligated to abstain from “balance billing” any patient for COVID-related treatment.
Paycheck Protection Program (PPP) Loan Forgiveness
Many Arizona small businesses received Paycheck Protection Program (PPP) funding to maintain payroll levels from loss of revenue. The Small Business Administration (SBA) released an Interim Final Rule addressing eligibility issues and requirements for certain pledges. The CARES Act requires the SBA to issue additional guidance on rules for loan forgiveness by April 27, 2020.
Arizona and Federal Tax Filing Dates | Estimated Tax Payments
The April 15, 2020 deadline for filing and paying Arizona and federal income taxes for the 2019 calendar year is July 15, 2020. The Arizona due date for first quarter estimated tax payments has not changed and remains April 15, 2020.
Arizona 2019 Tax Credit Contribution Deadline April 15, 2020
April 15, 2020 is the deadline for taxpayers to claim tax credits on their 2019 individual income taxes for donations to qualifying charitable organizations (QCO), certified school tuition organizations (STOs), and public schools.
CARES Act Student Loan Relief
The CARES Act offers some relief for borrowers seeking student loan repayment delays. There are some limitations and not every loan classified as a student loan is eligible.
COVID-19 Tax Implications
The CARES Act grants a payroll tax credit for employment taxes owed by certain eligible employers. Employers may be able to defer the employer portion of any Social Security taxes for the period beginning on March 27, 2020, and ending before January 1, 2021.
Arizona Executive Order Temporarily Suspends Commercial Tenant Evictions
Governor Ducey issued an Executive Order temporarily suspending commercial tenant evictions, including lock out, notice to vacate, or any other attempt to inhibit the operations of a business associated with inability to pay rent caused by COVID-19. The Executive Order expires on May 31, 2020.
Tax Credits for Paid Sick and Family Leave Small and Midsize Businesses
The Families First Coronavirus Response Act provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19.
COVID-19 and Retirement Plans
According to Eric Stevenson, President, Nationwide Retirement Plans, advisors to retirement plans will play a critical role, stating “This is the time they have to be more visible than they have ever been,” said Stevenson. “They have to be in constant communication with plan sponsors, even if from a distance.”
Economic Injury Disaster Loans | Emergency Economic Injury Grants
The Economic Injury Disaster Loans and Emergency Economic Injury Grants provide an emergency advance of up to $10,000 to small businesses and private nonprofits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance.
CARES Act Small Business Debt Relief Program
The Small Business Debt Relief Program provides immediate relief to small businesses with non-disaster SBA loans, such as 7(a), 504, and microloans. Eligibility requirements for 7(a), 504, and microloans, along with other resources, are in this article.
CARES Act Paycheck Protection Program
Business owners should consider the Paycheck Protection Program (PPP) to assist them through this critical time. We highly recommend they contact their lending institution to start the lending process and begin gathering information that may be required for their application.
Arizona Executive Order Stay at Home
On March 30, 2020, Arizona Governor Doug Ducey announced Arizona’s version of a stay-at-home executive order. Unique to Arizona, the Governor’s order includes a strong focus on mental health and encourages Arizonans to participate in outdoor activities in accordance with social distancing measures.
SBA 504 Existing Borrowers Eligible for Deferments
The SBA strongly encouraged its lending partners to offer deferment relief to existing borrowers that have been adversely affected by COVID-19-related economic disruptions.
Stimulus Aid Package | Individuals and Businesses
Congress is proposing a stimulus bill, which is expected to become law in the next few days. Here are some of the major provisions and potential impacts.
SBA Lending | Economic Injury Disaster Loan Program
Governor Ducey declared most Arizona counties, including Maricopa, a disaster area. This means business owners can apply for low-interest loans online through the U.S. Small Business Administration (SBA) Disaster Loan Application Portal.
Arizona Tax Deadline Extended to July 15, 2020
On March 20, 2020, the Arizona Department of Revenue (ADOR) announced it moved the deadline for filing and paying state income taxes from April 15 to July 15, 2020 following direction by Governor Doug Ducey.
Families First Coronavirus Response Act
The Families First Coronavirus Response Act (H.R. 6201) is now law, and attorneys, accountants, and other professionals are reviewing the main provisions about paid family and sick leave.
Penalty and Interest Waiver
On March 17, 2020, Treasury Secretary Steven Mnuchin announced that, while the due date for filing 2019 tax returns would not be postponed, the IRS would waive penalties and interest on tax payments for 90 days. The waiver only applies to individual taxpayers owing up to $1 million in taxes and corporations owing up to $10 million in taxes.
5 Future Technology Trends
Technology has profoundly changed how business works. Its influence is everywhere, from smart homes to business operations. The future will only continue to add new ways technology is used.
New Form I-9 – Employment Eligibility Verification
As of January 31, 2020, employers should use the new Form I-9, Employment Eligibility Verification, released on October 21, 2019. The form’s version is located at the bottom left corner, with the expiration date of October 31, 2022 in the top left corner.
Coronavirus and Business Management
There are many unknowns about the coronavirus. With any health crisis, business owners and managers should know what their responsibilities are regarding employees.
IRS Offers Identity Protection PIN
The IRS is launching a new identity protection program that prevents anyone who has stolen your Social Security number from using it to file a fraudulent tax return. How does it work? Are you eligible for the program?
2019 Arizona Key Tax Changes
The Arizona Department of Revenue (ADOR) issued several key reminders for 2019 tax year filings. The individual income tax filing season for state and federal returns opens on Monday, January 27, 2020.
Stephen J. Rodis, CPA | Arizona District Export Council Appointment
Congratulations to Stephen J. Rodis, CPA on his three year appointment to the Arizona District Export Council by the U.S. Secretary of Commerce. As a member, Steve will engage and support U.S. small and medium-sized businesses that focus on U.S. exporting.
Arizona Corporate E-Filing Options January 2020
The Arizona Department of Revenue (ADOR) is completing system modifications to start accepting electronically filed corporate returns starting in January 2020.
2020 Inflation Adjustments
The IRS made inflation adjustments for various 2020 tax items and they will apply to a wide range of taxpayers. A few examples that may impact you are included in this article.
The SECURE Act | Retirement Plan Changes
President Trump signed the SECURE Act of 2019 as part of the government’s spending bill and Congress is planning to enact a number of changes that will significantly affect the retirement landscape. The SECURE Act encourages employers to offer retirement plans that were considered too expensive to administer and allows small employers to set up and offer 401(k) plans.
2019 Arizona Tax Changes
It took until May 27, 2019, but Arizona made some significant changes for the 2019 tax year to conform to the Tax Cuts and Jobs Act (TCJA). Outlined are the major changes impacting individuals and businesses.