Coronavirus Tax Update

CARES Act – Individuals Recovery Rebates          Eligible individuals are allowed a credit of $1,200 ($2,400 for joint filers), plus $500 for each qualifying child, for the first taxable year beginning in 2020. An eligible...

CARES Act – Businesses Paycheck Protection Program (PPP) Loan Forgiveness Please see our website for a summary of this provision of the Act.  SBA- Emergency Injury Disaster Loan (EIDL) If you have applied for and received this loan, it can be refinanced as part...

Part of the CARES Act approved and signed on March 27, 2020 Covered loan is a loan guaranteed under paragraph (36) of section 7(a) of Small Business Act. Eligible participants are employers with less than 500 employees including sole proprietors, independent...

The Federal income tax filing deadline has been extended until July 15, 2020.  At Tideline, we are trying to continue as normally as possible (and allowed).   That said, we also want to operate with the appropriate amount of caution.  Effective Monday,...

Paid Leave Act passed March 18, 2020 Emergency Family and Medical Leave Act: Employers with fewer than 500 employees must provide up to 12 weeks of job-protected FMLA leave for a qualifying need related to a public health emergency to employees who have been on...

Federal income tax from the AICPA : In a press conference on Tuesday, Treasury Secretary Steven Mnuchin announced that individuals and corporations can delay their tax payments for 90 days due to the coronavirus pandemic. Individuals can defer up to $1 million in...

Congress is working on a tax bill to provide financial assistance with work absences and loss of business. It includes payroll tax credits for emergency sick pay. The bill is currently in the Senate, so we are uncertain of the specifics until it is passed. In addition...