If you did not file your 2019 taxes by the traditional April 15th deadline, please know that the extended filing deadline of July 15th is quickly approaching. The Internal Revenue Service is reminding all taxpayers who have yet to file their 2019 federal tax return to: file electronically; choose direct deposit for their refund; or […]
In the July issue of Word to the Wise, we provide an important alert: you may owe a tax payment this month. Specific situations include paychecks that are under-withheld, unemployment compensation paychecks are under-withheld, self-employed workers, retirees, if you recently sold a major asset or if you receive alimony. To read the entire issue, please: […]
A $225 million grant program for small businesses impacted by COVID-19 is now available to eligible small businesses throughout Pennsylvania. Applications for the first round of funding will be accepted for 10 days, beginning June 30th. Individual businesses that had an annual revenue of $1 million or less before the COVID-19 pandemic are eligible to […]
On Thursday, our Daily Update covered what business owners need to know about Pennsylvania Unemployment. Over the past few days, some of you received emails sent on behalf of the Commonwealth of Pennsylvania Unemployment Compensation Tax Services explaining that “the department is working on the programming needed to grant automatic relief from charges.” The email […]
We are receiving calls from clients regarding notices they received about Pennsylvania Unemployment and a Monthly Notice of Compensation Charged. Many are not familiar with the different type of notices and have concerns. Below is a recap of compensation charges, rates, impacts and for some, forms to complete that list employees who refuse to return […]
For the past few months, most business loan conversations focused on the Paycheck Protection Program established due to the COVID-19 pandemic. On Monday, the Federal Reserve Bank of Boston opened lender registration for the Main Street Lending Program. While there are similarities between the programs, Main Street was created to help credit flow to medium-sized […]
Last night, the Senate passed the Paycheck Protection Program Flexibility Act of 2020 which is designed to loosen the restrictions placed on the original Paycheck Protection Program (PPP). This added legislation provides two major changes. The first relates to extending the original eight-week period of the PPP to 24 weeks that business owners have to […]
In the June issue of Word to the Wise, we include tips on how to be prepared for pandemic tax surprises. Some items to be alert for included a tax bill for unemployment benefits or reporting emergency distributions from a retirement account. Speaking of retirement accounts, think twice before you use your 401K as an […]
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