At CAPATA, our mission is to help you to Rise and Build a Better Future. With the uncertainty we all face, we want you to know the future is not hopeless—it is filled with opportunities for those who prepare for them. I am reminded of Nehemiah 2:17-19, which says: “Then I said to them, ‘You see the trouble we are in, how Jerusalem lies in ruins with its gates burned. Come, … Read more
Business Survival in the COVID-19 Era by Michael Kinsman, CPA, Ph.D. If you are like most of us in business, in a few short weeks you have gone from wondering how to make your business grow and be more profitable to planning for its survival. COVID-19 and the rules about social distancing and isolation from others as much as possible have changed your interactions with customers (your business may have been ordered to close its doors and most of your customers are staying … Read more
Tax Update: Coronavirus Aid, Relief, and Economic Security (CARES) Act March 27, 2020 saw the biggest economic relief act put into place in the United States’ history. The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act provides many individuals and businesses with tax and economic relief. Perhaps the most significant piece of the CARES Act is the availability. Small business Loans Small business interruption loans of up to $10 million would be … Read more
Tax Update: Coronavirus Stimulus Payments The government has established a new relief stimulus package that is set to help U.S. citizens that have been affected by COVID-19. The White House is aiming to begin sending out checks within the next few weeks, but how much you are given is going to be determined by your most recently filed tax return or information from the Social Security Administration. You must have a Social Security Number (SSN) in order to receive a check. … Read more
Tax Update: IRS Provides More Guidelines for People First Initiative Yesterday, the IRS disclosed their guidelines to the People First Initiative. As a COVID-19 effort, several important adjustments have been made and compliance programs have been suspended. As of now, the Initiative will be in effect from April 1 to July 15. The IRS will continue to give more specifics in the near future, but they have released information regarding the highlights of the initiative. New … Read more
IRS ANSWERS QUESTIONS REGARDING EXTENSION RELIEF In FAQs just posted on their website, the IRS answered many of the questions regarding the July 15 filing and payment extension announced in IRS Notice 2020-18. Note the following highlights: The FAQs are available at: www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers Please contact us if you have any question.
Update: Tax Filing Deadline Officially Extended This morning the Treasury Secretary Steven Mnuchin announced that the President Trump has approved pushing the April 15th tax deadline to July 15th. All tax filing and payments may now be completed by July 15th without penalty or interest. As of right now, the IRS has not issued any guidance on this matter but is expected to provide those details on Monday (3/23/2020). We will continue to update you as more information and guidelines become available. If … Read more
The Federal government continues to prod the economy by passing the “Families First Coronavirus Response Act” (the “Act”). Parts of the Act provide for emergency family and medical leave benefits, emergency paid sick leave benefits, and employer and self-employed tax credits and exclusion from employer FICA tax concerning the payment of those benefits. Employer tax credits The Act provides tax credits to employers to cover wages paid to employees while … Read more
At CAPATA, our mission statement is that we help you to Rise to Build a Better Future. To do that in the current environment, we’re taking every precaution possible to protect the health and safety of our team and their families, given the ongoing COVID-19 Virus situation. Out of an abundance of caution, we are not taking any chances. For years, CAPATA has implemented flexible work arrangements for any Team Member desiring one. • We have communicated … Read more
