Updated 04/02/2020 RECOVERY REBATE The $1,200 ($2,400 if married filing jointly) recovery rebate is a refund of a credit toward your 2020 tax return. There is an additional $500 credit for each child. To be eligible you must have filed either a 2018 or 2019 federal income tax return. For those individuals who may not … Read more
On March 27th, the CARES Act, a $2.2 trillion stimulus bill to help aid individuals and businesses affected by COVID-19 and the economic downturn, was signed into law by the President. Included in this package was the $349 billion Paycheck Protection Program (PPP), which is administered by the SBA and provides forgivable loans to small … Read more
The U.S. Treasury and the Internal Revenue Service announced that Social Security beneficiaries who do not file tax returns will receive their $1,200 Economic Impact Payments directly in their bank accounts. For more information please visit https://home.treasury.gov/news/press-releases/sm967
The Texas Comptroller is following Federal actions and extending the due date for Texas Franchise Tax Returns from May 15, 2020 to July 15, 2020. Please follow the link below for more information. https://comptroller.texas.gov/taxes/franchise/filing-extensions.php
The US Department of Treasury has provided additional information for small businesses to apply for the Paycheck Protection Program. The link below includes an overview, information for borrowers, and the application. Please contact your tax advisor at ADKF for more assistance. https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
The Economic Injury Disaster Loan (EIDL) can now be applied for on the SBA website at the following link: https://covid19relief.sba.gov/ Although you can only have one SBA loan application pending, the EIDL can later be refinanced into the Paycheck Protection Program (PPP) when those applications are available. Currently, the FDIC Banks and Credit Unions are … Read more
Congress has approved the Coronavirus Aid, Relief and Economic Security Act (CARES), a $2 trillion stimulus package to help combat the coronavirus pandemic and send economic relief to workers and businesses. The bill has been signed by President Trump. Below are some highlights of the bill. INDIVIDUALS RECOVERY REBATE The $1,200 ($2,400 if married filing … Read more
The IRS is taking steps to provide relief to taxpayers on a variety of issues ranging from easing payment guidelines to postponing compliance actions. One of the key actions of the People First Initiative is focused at taxpayers with existing installment agreements. If you have an existing Installment Agreement, payments between April 1, 2020 and … Read more
The Texas Comptroller is offering assistance to those businesses struggling to pay the full amount of sales taxes they collected in February. For businesses that find themselves in this situation, the agency is offering assistance in the form of short-term payment agreements and, in most instances, waivers of penalties and interest. You may contact their … Read more
nThe IRS has posted Frequently Asked Questions regarding the 90-day tax filing and payment relief. https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers