We are doing our best to keep you updated on the important tax and economic updates as they relate to you. Below please find the most recent updates and insights from our CAPATA partners for you and your business.
Employee Retention Credit
The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
Scam and Phishing Attempts During COVID-19
The IRS has released a statement urging taxpayers to remain extra vigilant for scams and phishing attempts during these uncertain times. With taxpayers receiving economic impact payments, it is expected that there will be a criminal effort to intercept these payments.
We're Here to Help
Here is what we can do for you during these troubled times. We don’t want this to appear opportunistic and we are happy to just be a sounding board if that is all you need, free of charge. We want you to have all the resources available so you can ride out the storm. We are in this together.
Business Survival in the COVID-19 Era
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.
Congress Enact CARES Act Providing COVID-19 Relief
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.
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.
People First Initiative Guidelines
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 fromApril 1 to July 15.
Tax Filing Extention FAQs
In FAQs just posted on their website, the IRS answered many of the questions regarding theJuly 15 filing and payment extension announced in IRS Notice 2020-18. Note the following highlights.
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.
Families First Coronavirus Response Act
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.
COVID - 19
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.
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