On Friday, August 28, the Internal Revenue Service (IRS) issued guidance on deferring an employee’s portion of Social Security tax for the period beginning September 1 and running through the end of the year. The guidance sets rules for implementing President Trump’s Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster, [...]
Congratulations to Neal Bach who just celebrated 40 years with Bach, James, Mansour & Company! Neal, who serves as firm president, joined BJM in 1980 and became a principal in 1986. In his time with BJM, Neal has worked in accounting, auditing, tax preparation and review, and business and financial consulting. His clients describe [...]
No matter your age, the coronavirus pandemic has likely had an impact on your budget. You probably haven’t been traveling or going out much, but any funds you’ve saved may instead be sitting in stockpiles of toilet paper or supporting food delivery services. After three months of reacting, it’s time to start being more proactive [...]
A little more than two months after creating the Paycheck Protection Program (PPP), Congress and the President listened to the pleas of business owners and passed a law easing some of the requirements for PPP loan forgiveness. The Paycheck Protection Program Flexibility Act (PPPFA) not only grants more time for borrowers to use and payback [...]
Now that the Paycheck Protection Program (PPP) has been open for applications for almost two weeks, more details about the process, payroll calculations, and loan forgiveness are becoming available from the Small Business Administration (SBA) and Treasury Department. This $349 billion program is designed to help small and mid-sized businesses retain employees and stay afloat [...]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law March 27. The largest economic aid bill in US history, the ACT allocates $2 trillion in an attempt to lessen the economic damage from the COVID-19 pandemic, including $1.5 trillion in spending and tax cuts, along with $500 billion in loans. The [...]
You’ve probably heard about last week’s signing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act—the largest aid package in history. Here’s a summary of the Act that we just published. There’s one provision you’ll want to be aware of if you’re a small business owner: the Paycheck Protection Program. This program offers loans that [...]
Yesterday evening, Governor Brian Kemp announced that Georgia will extend the tax filing deadline until July 15, 2020. This matches recent IRS announcements, so both deadlines are now July 15. We expect other states to follow - click here to see the AICPA’s running list. Here’s what this means for you: If you are due [...]
Georgia Department of Labor Changes Rules for Partial Unemployment Claims Like most government agencies, the GDOL is changing policies and rules due to the coronavirus outbreak. One update, which began March 15, is especially important to our business clients. The GDOL website does a good job of describing this new Emergency Rule: Employers are required [...]
IRS Postpones Tax Filing and Payment Deadline Until July 15 With Friday’s announcement, the April 15, 2020 tax deadline for filing and payments has now been delayed 90 days. The filing deadline is now July 15 for all filers. No extension request is required. That’s the most recent update. The extended payment deadline, announced earlier [...]
