unemployment benefits

Your Unemployment Benefits Will be Taxed

The economic impact of the COVID-19 has been enormous.  Some estimates suggest over 30 million Americans have filed for unemployment benefits as a result of this economic impact. Normally when applying for unemployment, you would be eligible…
paycheck protection program

Changes Coming to the Paycheck Protection Program

On Wednesday night, the U.S. Senate passed The House bill called the Paycheck Protection Flexibility Act and sent it to President Trump, who is expected to sign it. This bill changes things on the Paycheck Protection Program. Here is a summary…
employees

Plan for Employee Safety as Employees Return to Work

Chances are, employers don't need the force of law to make them care about the health of their employees, especially during the novel coronavirus (COVID-19) pandemic. But it's still important to know what the federal worfplace safety agency…
remote workers

Boosting the Productivity of Remote Workers

Even while conditions in some states have improved enough to allow some workers in exile to begin returning to their workplaces, life isn't likely to return to normal for a long while, thanks to the novel coronavirus (COVID-19) crisis. First,…
pivot strategy

Can Your Business Survive/Thrive in These Trying Times?

The novel coronavirus (COVID-19) pandemic has caused difficulties for millions of businesses — from family-owned restaurants and niche manufacturers to multinational airlines and oil companies. As the economy slowly reopens across the country,…
prepaid debit cards

Still Expecting your Stimulus Payment Paper Check?

If you’re still expecting to receive a stimulus payment from the IRS in the form of a paper check, there may be a surprise coming in your mailbox soon. The U.S. Treasury Department has announced that the IRS will begin sending out four million…
stimulus check

Stimulus Check- Taxable or Advance on My Tax Refund?

The short answer: No. The stimulus check payment or economic impact payment, as the IRS calls it — is technically a refundable tax credit for 2020. As explained by the IRS: “No, the payment is not income and taxpayers will not owe tax…
Health Savings Accounts

IRS releases 2021 amounts for Health Savings Accounts

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account…
PPP loan

Get a PPP loan? Forgiven expenses aren’t deductible

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results…