In the last weeks, we noted a significant increase in the notices received by our clients as there seem to be a backlog in the tax authorities. In some cases, the system automatically sends out a notice even if the documents and support was already provided to the tax authorities almost a year ago. Address
On Saturday, President Trump signed an executive order aimed at partially extending the $600 per week federal unemployment benefits that expired in July as part of the CARES Act. The Federal unemployment will be $400, which is funded from the nation's Disaster Relief Fund (44 billions). The executive order also established that 75% will be covered
Democrats and Republicans have been in talks about the fourth and final stimulus relief package. Back in May, the House Democrats approved the HEROES Act but that bill was thrown out by the Republican-controlled Senate and President Donald Trump as Republicans supported the HEALS Act. Now, there is a new proposal for a $1,000 one time
We have been informing some of our client to be aware that unemployment is taxable. Otherwise, you can get an unpleasant surprise in next year's taxes. Any State or Federal unemployment received will be taxable and you should received a 1099 - G (Certain Government Payments) tax form in the mail. You will owe taxes
Second Round of Coronavirus relief The second round of Coronavirus relief funding was approved last Friday, so apply as soon as possible through your preferred financial institution. As you might know, the first round of funding lasted less than two weeks and some of the banks had a relatively small allocation running out of funds in a matter
The PUA/ PUC are applicable to independent contractors, self employed, employees that would not qualify for regular state unemployment, etc. They have to file with the State Unemployment and they will get rejected. They will need to keep the document of this rejection in other to apply to the PUA, PUC or similar program once
On March 27, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which is aimed at providing financial relief for the economic downturn caused by the Coronavirus pandemic. This summary includes some of the more pertinent issues to individuals. Assistance for American Residents All U.S. residents with adjusted gross
In this period of uncertainty and chaos, we strongly believe that informed individuals take better decisions. These are some updates available as of 3/21/2020. For any additional questions, please, reach out to our office. Federal IRS extends the filing tax deadline and payment to July 15, 2020 (90 days) https://www.irs.gov/coronavirus Payment Plan IRS - There
