Tax Archives - Page 24 of 30 - HW&Co. CPAs and Advisors

Business charitable contribution rules have changed under the CARES Act

By: David M. Reape

In light of theCOVID-19 pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some […]

IRS Adds Economic Impact Payment Information

By: David M. Reape

The IRS recently addressed a question regarding an Economic Impact Payment being sent to someone who was deceased. From the IRS Economic Impact Payment Information Center: Q: Does someone who […]

IRS Limits Tax Benefits of PPP Loans

By: David M. Reape

The IRS issued guidance on April 30th stating expenses paid with a forgiven PPP loan are NOT deductible. Notice 2020-32 states that “no deduction is allowed for an expense that […]

Everyone loses when workers are paid “under the table”

By: Tony LaNasa

Paying workers “under the table” or with cash can save businesses a bundle in taxes. But the potential consequences are grave. Not only is this practice illegal and could result […]

New COVID-19 law makes favorable changes to “qualified improvement property”

By: David M. Reape

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred […]

SBA Issues New PPP Guidance for Partnerships & Self-employed

The SBA recently (4/14/2020) issued a new Interim Final Rule that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule issued on April […]

990 Filing deadline has changed

A few weeks ago, the IRS postponed tax filing deadlines until July 15th, but seemed to have left nonprofits out. Tax-exempt organizations now have an extra two months to file […]

Donor care during the COVID-19 pandemic

By: Helen Weeber

One of the many challenges of operating a not-for-profit organization during the coronavirus (COVID-19) pandemic is that just when you desperately need financial support, many donors are unable to help. […]

CARES Act deferral of, changes to and limits on excess business losses

By: David M. Reape

During this challenging time, we know that everyone’s highest priority continues to be the health and well-being of their families, friends, neighbors and co-workers. At the same time, we’re focused […]

Relief from not making employment tax deposits due to COVID-19 tax credits

By: David M. Reape

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in […]

Expanded Deductions for Charitable Giving Due to CARES Act

In response to COVID-19, and in an effort to encourage more charitable giving in 2020, the recently enacted government stimulus bill (the “CARES Act”) provides some additional tax relief for […]

The CARES Act Effect on Employer’s Payment of Payroll Taxes

A question was recently posed regarding an employer’s ability to defer payment of Social Security taxes, if they receive a Payroll Protection Program (PPP) loan. According to the IRS, employers […]

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