Mercadien Foundation
Insights
Updated Guidance on Available Payroll Credits – New Form 941 – 2nd Quarter 2020
Due to the COVID-19 pandemic, the IRS has announced a payroll tax credit and other relief over the past few months. With the 2020 second quarter payroll tax return due dates approaching, below are highlights of these potential benefits and tax reporting changes that you should be aware of. Employee Retention Credit – Qualifications &…
Read MorePPP Alert – Senate Agrees to Extend PPP Loan Program to August 8th
The Senate passed a bill to extend the filing deadline for Paycheck Protection Program (PPP) loans late on June 30th, just hours before the Small Business Administration (SBA) was set to stop accepting applications. However, unless and until the House of Representatives approves the language, the SBA will stop accepting PPP applications. The PPP provides…
Read MoreThe CARES Act – Retirement Provisions & Future Planning
Breaking News!! The IRS announced that anyone who already took a required minimum distribution for 2020 from IRA accounts now has the opportunity to roll those funds back into a retirement account. The normal 60-day rollover period for RMDs already taken this year has been extended to August 31, 2020 to give taxpayers more time…
Read More