On October 1, 2020, Utah Governor Herbert announced the launch of a new $2 million “Small Business Quarantined Employee Grant” for small businesses in Utah. The grant was created using federal...
In most cases, charitable gifts are deducted by taxpayers who itemize. Those donations are claimed on Schedule A of their annual tax return. However, this year, the Coronavirus Aid, Relief...
As part of the CARES Act, Congress provided temporary relief for homeowners with federally backed mortgages who were financially impacted by COVID-19. For those unable to keep up with their...
President Trump issued a Presidential Memorandum, that directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ portions of Social Security taxes from...
Authored by the Internal Revenue Service: IR-2020-185, August 18, 2020 With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today...
IR-2020-172, July 29, 2020 The IRS provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment...
Authored by RSM US LLP SBA releases additional PPP guidance/opens lender forgiveness portal. On Aug. 10, 2020 the Small Business Administration (SBA) Paycheck Protection Program (PPP) Forgiveness Platform went live. This...
Notice 2020-51, issued on June 23, 2020, provides additional flexibility for individuals to decide how to deal with any required minimum distributions (RMDs) they took from 401(k)s or other employer-sponsored...