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March 28, 2020

PwC donates $2.85M to coronavirus-related efforts

By Sean McCabe 2 min read

The Big Four firm's Charitable Foundation will split its donation among Feeding America, Direct Relief and local nonprofits.

Virus payments from IRS may take months, not weeks, to hit bank accounts

By Laura Davison 4 min read

Treasury Secretary Steven Mnuchin says he wants direct payments to households to go out within three weeks of Congress passing a stimulus law, yet former IRS officials say those payments could take months to reach households.

I applied for SBA COVID-19 relief — here's how it went

By Melissa Diaz 6 min read

High Rock Accounting provides clients with cash flow assistance and guidance. But what happens when a firm needs the same assistance?

Employers can use payroll tax credits for paid leave for coronavirus

By Michael Cohn 5 min read

Two new refundable credits are aimed at immediately and fully reimbursing employers, dollar-for-dollar, for the cost of providing coronavirus-related leave to their employees.

Time out: How the deadline postponement is affecting tax preparers

By Jeff Stimpson 5 min read

One thing they all agree on: It hasn’t cut their workload.

IRS releases guidance on tax deadline postponement

By Michael Cohn 2 min read

The Internal Revenue Service posted a frequently asked questions page about the recently announced delay in tax filing and payments until July 15 because of the novel coronavirus pandemic.

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Seven common mistakes in tax preparation

By Tammara Madison

Whether you are a 20-year accounting veteran or just entering the field, it behooves you to keep a list (and check it twice) of the most common tax preparation blunders.

IRS lightens taxpayers' compliance and enforcement burden to help with COVID-19

By Jeff Stimpson 2 min read

The Internal Revenue Service is taking a “sweeping series of steps” to help taxpayers during the coronavirus outbreak.

Senate approves $2.2T coronavirus rescue package with tax breaks

By Michael Cohn 8 min read

The Senate voted 96-0 late Wednesday to approve a sweeping $2.2 trillion stimulus package to help the nation emerge from the coronavirus pandemic.

Major changes in RMDs and retirement contributions in $2T stimulus plan

By Ed Slott 7 min read

The passage extends the IRA contribution deadline and waives RMDs for 2020. Here’s what else financial advisors need to know.