If you are a small to mid-size business owner with under 500 employees, it probably did not escape your attention that Friday April 3rd was the start date for applications for PPP loans. Starting April 10th independent contractors and self-employed…
The December 2017 tax act (TCJA) eliminated NOL Carrybacks, and limited NOL Carryforwards to 80% of taxable income. The 2020 CARES Act temporarily eliminated these provisions and increased the previous carryback period from two years to five years. This applies…
The last four months have been a tumultuous time for retirement plan distribution rules and in particular Required Minimum Distribution (RMD) rules. SECURE ACT CHANGES In late December 2019, long before Coronavirus was much of a thought here in the…
The Coronavirus Aid, Relief, and Economic Security (CARES) Act enhanced standard Unemployment Benefits for those affected by COVID-19. It also created Unemployment opportunities for many who were traditionally not be eligible. The Act increased amounts of available benefits, extended the…
A Little Used IRS Code Section Applicable Now for Businesses! Internal Revenue Code Section 139 was initially created as a result of the 9/11 attacks. The intent was to allow employers to provide “qualified disaster relief payments” to their employees…
IR-2020-64, April 2, 2020 The Internal Revenue provided the following advice to taxpayers on April 2, 2020: Be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to…
Payroll Tax Deferral for Employers The CARES Act economic stimulus package, passed on March 27, allows companies to defer paying their portion of Social Security payroll taxes (6.2%). Companies will still be withholding from paychecks and remitting the employee portion…
The President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law today. The CARES Act provides historic stimulus for small businesses. Most importantly, a portion of the loans available can be forgiven – turning them into…
Our Virtual Offices are Open! Haynie is proud to have secure technology in place that enables our team to serve you well from any location. Although our physical office buildings are closed until further notice, our virtual office is open…
The U.S. Small Business Administration (SBA) has never faced a challenge like the COVID-19 outbreak, but they’re stepping up to help small business owners who are suffering financially during these uncertain times. The SBA’s mission is “to maintain and strengthen…
