The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law on March 27 provides $349 billion in funding for the Small Business Administration (SBA) in an effort to provide assistance and relief to America’s small businesses struggling under the weight of COVID-19. The Act included a paycheck protection provision for small businesses by providing additional funding to the SBA for specific areas of need and expanding the SBA’s 7(a) loan program.
The Families First Coronavirus Response Act (FFCRA) signed on March 18, 2020, made unprecedented expansions to paid sick and family (childcare) leave provisions in light of the challenges for the American workforce due to COVID-19. The expansions to paid sick and family leave cover employers with up to 500 employees, and tax credits are available for up to 100% of qualifying wages paid.
Small businesses are now eligible for up to $2 million in Economic Injury Disaster Loans from the Small Business Administration (SBA) after President Trump called for an additional $50 billion in funding to the SBA’s lending program from Congress in response to COVID-19.
Stay on top of your individual and business limits and deductions for 2020 with this recap.
This guide contains strategies to help you save on your taxes if enacted before year-end 2019.
Thousands of people fall victim to IRS scams every year and end up paying millions of dollars to scammers. Learn more about the most recent tax scams here:
The Tax Cuts and Jobs Act (TCJA) created the Qualified Business Income (QBI) deduction for tax years 2018-2025. Essentially, certain elements (but not all) of a business owner’s income are getting a tax break.
