Translations from Your Trusted Advisor.
We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. We want to update you on the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress's gigantic economic stimulus package that the President signed into law on March 27, 2020.
Karyn Finkelson, CPA •
In response to our country’s current state of emergency, the President has signed the “Families First Coronavirus Response Act” which includes some important provisions that will directly affect employers with fewer than 500 workers, particularly in regards to emergency sick leave. These provisions will take effect no later than April 2, 2020.
Emergency Sick Leave Act (EPSLA) key points:
Lena Rozzi, CPA •
The enactment of the Tax Cuts and Jobs Act (TCJA), passed in December 2017, effectively became one of the largest tax reforms in decades, however, there are changes that will leave some taxpayers owing more taxes then they anticipated this year.
So you’ve prepared your return and you owe the IRS but you don’t have the money to pay. Now what?
Angela Campbell, CPA •
The housing market is at the top of its game these days and your friends are suggesting that you sell your home. You know you will receive multiple offers and probably sell the house over what you are asking for it. Do your homework to ensure that a sale won’t cost you more in taxes than you are putting in your pocket. Your tax advisor should be the first person that you call even before letting your real estate agent put a sign in your yard. Here are a few things you will need to know:
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