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IRS issues guidance on EIP shortages
The massive law enacted by Congress last year in response to the COVID-19 outbreak—the Coronavirus Aid, Relief, and Economic Security (CARES) Act—authorized the distribution of Economic Impact Payments (EIPs) to qualified individuals. (Late in December, Congress authorized another round of payments.) But some eligible taxpayers were shorted or did not receive any payment at all.
Adopt measures to combat infiltration
Cybersecurity remains a prominent concern in the business community. Add this to the growing list: Ransomware. According to recent statistics, ransomware attacks increased 41% in 2019 and caused more than 200,000 businesses to lose access to their files. It is estimated that a business is victimized by a ransomware attack every 14 seconds—or sooner.
Timely points of particular interest
Information to keep in mind as we finish 2020 and move into the new year.
Seven key tax breaks set to expire
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a wide range of tax breaks to both individuals and small businesses. However, unless Congress takes prompt action, most of these tax benefits are scheduled to end after 2020. Following is a roundup of seven tax-related provisions that may go away in 2021.
Salvage key tax breaks for 2020
This year has been a struggle for many small businesses. At least you may be able to reduce your tax liability through smart year-end tax planning, including several tax breaks included in the new Coronavirus Aid, Relief, and Economic Security (CARES) Act. Following are seven popular ideas to consider.
Allow your workers to succeed
As a small business owner, you have probably learned several important lessons in the past, including the fact that you simply cannot do everything yourself. This is especially true during these uncertain times. But it is not easy letting go and empowering employees to do meaningful work in your stead. It requires a high level of trust on both ends of the relationship.
What is the best way to go about it? Of course, the particulars will vary according to the personalities and the nature of the business, but here are some practical suggestions.
Like everyone throughout the world, our company is adapting to the COVID-19 virus and all that has meant to us, to our staff and families, clients and colleagues. We're staying abreast of legislation that may affect you and your business.
Below is a list of "cover stories" we've shared with our VIP list of clients, referral sources and those who read our e-newsletter on a regular basis. We will continue to add to this page as new developments occur, from tax information to how this might affect an audit. If you'd like to be added to that VIP list, please click here to subscribe.
Please reach out directly to your accountant if you have questions that are specific to your individual situation.
SBA Paycheck Protection Loans begin this week, published April 1, 2020
U.S. Department of Labor issues Q&A on "Families First Act," published March 31, 2020
Federal Stimulus Package, State Assistance for small business aid announced, published March 26, 2020
State of Illinois extends tax filing, payment deadlines, published March 25, 2020