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Payroll Deferral and Employee Retention Credit

The Coronavirus Aid, Relief and Economic Security (CARES) Act comes with a $2.2 trillion price tag but will hopefully help stabilize the economy as the United States (and the world) continues to combat COVID-19. In this article, we will be discussing two key factors for businesses - payroll deferral and the employee retention credit.Payroll DeferralThe payroll deferral measure aims to free up cash flow and... Read More

CARES Act: Individual Provisions

In addition to the recovery rebates for eligible individuals (up to $1,200 single filers; $2,400 joint filers plus $500 for each qualifying child), there are many other provisions affecting individual taxpayers. Below is an explanation of some of the key provisions. 2020 Estimated Tax Payments Federal estimated tax payments due April 15, 2020 are deferred until July 15, 2020. Currently federal second... Read More

CARES Act: The Paycheck Protection Program

This article was updated 4/1/20 to clarify that payments to independent contractors are not included in calculation of payroll costs per guidance from the Senate Committee on Small Business & Entrepreneurship. On Friday March 27, the President signed into law the largest economic stimulus package in history. The Coronavirus, Aid, Relief, and Economic Security Act, also known as... Read More

Breaking Down the CARES Act

As indicated in our previous publication, Coronavirus Aid, Relief and Economic Securities (CARES) Act, the $2.2 trillion bill is complex legislation affecting nearly all taxpayers and many businesses. Expanding on our prior communications, below is a breakdown of some of the key aspects of the legislation. New law: Credit allowed for 2020. Under the CARES Act, an eligible individual is allowed an income... Read More

Coronavirus Aid, Relief and Economic Security Act

In an effort to stabilize the economy, the President signed the most expensive piece of legislation ever passed - the CARES Act. This Act will affect nearly every taxpayer and many businesses. The CARES Act looks to increase liquidity in the economy through relaxed limitations of business deductions and deferral of taxes, as well as cash payments to individuals.This is complex legislation with many changes to the... Read More

Updated Guidance on Paid Sick Leave

The Department of Labor has issued guidance on the Families First Coronavirus Response Act (FFCRA). The guidance delves deeper into eligibility for paid sick leave and paid expanded family and medical leave resulting from COVID-19. The legislation provides American businesses with fewer than 500 employees with the funds to provide paid leave for employees who are stricken with COVID-19 or caring for a family... Read More

Georgia Extends Tax Deadline

In his March 23, 2020 address to Georgians, Governor Brian Kemp announced that Georgia's tax filing deadline will be extended to July 15, 2020. This falls in line with the new federal tax filing deadline. More guidance on this change is forthcoming.Governor Kemp's update included additional provisions and COVID-19 relief. You can read the full speech here.HLB Gross Collins, P.C. is committed to bringing you the... Read More

Updated Filing Deadlines

The Treasury Department has announced further tax relief for taxpayers superseding the previous announcement. For federal tax purposes the due date for filing federal income tax returns and making federal income tax payments originally due April 15, 2020, is automatically postponed to July 15, 2020. Taxpayers do not have to file the extension Forms 4868 or 7004. As an enhancement from the previous IRS... Read More

State Tax Filing Guidelines

As the COVID-19 situation is continuously evolving, some states are implementing changes to their state tax filing guidelines in an effort to provide relief to taxpayers. The guidelines vary per state and may change from the time of this publication. The AICPA published a chart that outlines state-by-state tax filing relief as of March 20, 2020. Click below to view the chart:AICPA State Tax Filing Relief ChartAs... Read More