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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a welcomed technical correction that assigns a 15-year recovery period to qualified improvement property (QIP) placed in service after 2017. Without the technical correction a 39-year recovery period applied. While the shortened 15-year recovery period is good news, its real significance is that most post-2017 QIP retroactively qualifies for the bonus depreciation deduction. Any MACRS property with a recovery period of 20 years or less is bonus depreciation property...

Published in Tax, COVID-19
Tuesday, 28 April 2020

What to Know About Payroll Tax Relief and Advance Payments

Written by Marie Shebuski, MBA, ERPA, QPA, QKA and Anthony Licavoli Jr. CPA

SUMMARY | Employer Tax Provisions   Eligible businesses can take advantage of payroll tax relief, thanks to both the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Families First Coronavirus Response Act (FFCRA). These federal acts contain changes to federal tax law that provide immediate and short-term economic relief. Here’s what you need to know about the kinds of tax relief available, how to qualify and the conditions that must be met. Employee Retention Credit This credit is for employers adversely affected by the COVID-19 pandemic...

Published in COVID-19, Tax
Thursday, 26 March 2020

Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

Written by The Rehmann Team

On Friday, March 27, President Trump signed the Coronavirus Aid, Relief and Economic Security Act. The act contains provisions to help America’s employers, employees and healthcare system among other items. [Recorded Audiocast] CARES Act [Recorded Q&A] Families First Coronavirus Response Act   The bill provides stimulus funding and emergency assistance to both individuals and businesses that have been impacted by the virus. The new aid package comes the week after President Trump signed the Families First Coronavirus Response Act, which includes mandatory provisions for certain employers to provide paid sick leave and emergency family medical leave to eligible employees...

Published in COVID-19, Tax
Saturday, 21 March 2020

State Responses to COVID-19

Written by Michael Bannasch

With the IRS having officially announced an extension to July 15 for income tax payments, otherwise due April 15, states are beginning to develop their own responses to the filing and payment deadlines. Below you will find a few key specifics for Michigan, Florida, and Ohio as of Thursday, March 19. We will continue to provide further updates as they develop. Click here for the full AICPA report regarding the state’s responses...

Published in COVID-19, Tax

Families First Coronavirus Response Act, H.R. 6201 Available at https://www.congress...

Published in COVID-19

Several arms of the federal government have taken, or are weighing, significant steps to help the country deal with the spread of the coronavirus (COVID-19) and the implications for individuals and businesses. On March 14, the U.S. House of Representatives overwhelmingly passed a bipartisan 110-page bill that has received support from President Trump and, as of this writing, is expected to be taken up by the Senate this week...

Published in COVID-19
Monday, 09 March 2020

Executive compensation requires informed decision-making

Written by Thomson Reuters

Business owners want to compensate themselves and their top executives fairly and competitively for their work, results and commitment. So, how do you achieve that goal without attracting undue IRS scrutiny and claims of inappropriate compensation? By making informed, astute decisions. Start with the basics Compensation is affected by the amount of cash in your company’s bank account...

Published in Tax
Wednesday, 12 February 2020

Careful tax planning required for incentive stock options

Written by Thomson Reuters

Incentive stock options (ISOs) are a popular form of compensation for executives and other key employees. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. But careful tax planning is required because of the complex rules that apply...

Published in Tax
Wednesday, 12 February 2020

Accounting for the near and the long term in a family budget

Written by Thomson Reuters

A wise person once said, “Simplicity is the key to a family budget.” (He or she may or may not have been an accountant.) However, it also needs to be comprehensive enough to cover all necessary items. To find the right balance, a budget should cover two distinct facets of family members’ lives: the near term and the long term...

Published in Tax
Wednesday, 15 January 2020

Full season tax strategy

Written by The Rehmann Team

Are you exercising the right strategy in your tax game? Similar to an NHL season, tax preparation is the culmination of strategy and effort exerted not just during games but behind the scenes year-round. In both today’s competitive sports and the ever-challenging business landscape, there’s no such thing as “off season.” Proper preparation should be a focus throughout the year to make sure your game plan and execution are as effective as possible...

Published in Tax
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