More info on the Paycheck Protection Program
The US Treasury published this website yesterday providing more information about the Paycheck Protection Program. The PPP is a program administered by the Small Business Administration that provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities […]
How does the Paycheck Protection Program work?
The Paycheck Protection Program is a loan program administered by the Small Business Administration (SBA). Since this is not a TAX benefit, we are not experts in it and cannot provide advice. BUT, we have been getting a lot of questions on it, so here is what we are hearing on the grapevine. This is not […]
When am I going to get my check?
When will I get my Check? The IRS announced yesterday that the 2020 Recovery Rebate Checks will go out in the next three weeks with no action required by most taxpayers. Where will it get deposited? The government will use your direct deposit info on file. If your bank information has changed or you didn’t […]
I am self-employed. How do I get Unemployment benefits?
If you are self-employed but unable to work due to the COVID-19, you may be eligible for Disaster Unemployment Assistance(DUA) as managed by the US Department of Labor. This is not an income tax provision so Cromwell Tax & Bookkeeping is not able to provide any guidance or advice about this benefit. That being said, it […]
Key Provisions of the Coronavirus Laws
Here is an overview of the TAX provisions in the Families First Coronavirus Response Act (FFCRA) and the CARES Act that were signed into law this month. These bills were massive so it will take weeks for the Administration to provide guidance and procedures on each of these items. As updates come out, I will provide […]
2020 Recovery Rebate (aka the Check the Feds are sending me)
As part of the CARES Act, signed into law today, The Treasury will be sending rebate checks to all qualifying individuals. The check you are getting is called the 2020 Recovery Rebate (§2201) It is a 2020 tax credit that you can get early. How the calculations works: They need to determine your Adjusted Gross Income (AGI): They […]
FILING and PAYING deadline moved to July 15th
The IRS announced today that the deadline for filing 2019 tax returns has been automatically extended to July 15, 2020. This means that any deadline to FILE or PAY that was on April 15, 2020 is now July 15, 2020. This covers federal income tax payments and 2020 estimated tax payments only. California had already […]
Deferring Federal Tax Payments due to Coronavirus
We just received official notice from the IRS (Notice 2020-17) about the changes for the April 15th deadline. When you complete your taxes, there are two steps: FILING and PAYING. They are separate steps with separate rules. FILING – You 2019 federal income tax return IS STILL DUE ON APRIL 15, 2020. Please be sure […]
Has the Filing Deadline Been Extended?
There has been a lot of misinformation spread by the media and on social media regarding today’s announcement that the Treasury Department will be providing some type of tax payment relief or delay. As of this moment (and it could change minutes from now) the IRS has issued no official guidance; therefore, any details you […]