As election day approaches, you may be wondering how each of the two presidential candidates may change your future taxes. President Donald Trump has proposed minimal tax changes if he gets re-elected and the few details he has shared seem to be centered around making permanent, or extending, some aspects of the 2017 Tax Cuts […]
Starting Tuesday, September 8, 2020, the Indiana Department of Revenue will be rolling out Phase 2 of their Project NextDOR, which includes moving additional taxes to the INTIME system. Phase 2 will transfer the following taxes from the current INtax system to INTIME: Sales Withholding Tire fee Wireless prepaid fees Food & beverage County innkeeper […]
Last weekend President Trump signed an executive order to defer the payment of the employee’s share of the Social Security portion of FICA taxes, which is 6.2%. This goes into effect September 1, 2020 until December 31, 2020. The order does not affect the Medicare portion of the payroll tax, nor does the order affect […]
Gov. Holcomb approved $30 million in federal funding made available through the CARES Act to small business restart grants, helping accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global pandemic. Eligible Indiana small businesses can seek reimbursement for up to 80% of qualified expenses, such […]
Wednesday night, the U.S. Senate passed the House’s Paycheck Protection Flexibility Act bill, easing and extending the Payroll Protection Program (PPP) loan forgiveness process. The bill is heading to the President, who is expected to sign it. The Paycheck Protection Flexibility Act allows current PPP borrowers to extend the 8-week loan forgiveness period to 24 […]
Beginning shortly after the partner’s strategic planning retreat in late June, I plan on beginning a sabbatical. Several years ago, I wrote an article about the benefits that a sabbatical can have on clients, the management team and employees as well as for the executive who experiences it and now I will see if my research and theories were valid! Most […]
President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (“Enhancement Act”) on April 24th. This legislation infuses $310 billion into the Paycheck Protection Program (“PPP”) with more than $250 billion in unrestricted funds for the program and an additional $60 billion allocated specifically for smaller lending institutions. Numerous recent headlines have shown […]
Employers sponsoring 401(k) plans may be suffering difficulties funding their matching contributions during these trying economic times. To provide relief, the IRS allows an employer experiencing a “substantial business hardship” to discontinue their matching contributions. For purposes of determining whether an employer is facing a significant business hardship under section 412(c), the factors taken into […]
Employers are facing many challenges due to the recent spread of COVID-19. If you have had to reduce your workforce as a result of the financial impact of the virus, there may be repercussions that affect your retirement plan. Your plan may have experienced a partial plan termination as a result of one downsizing or […]
Late last week the IRS issued additional delays in the time to file and make payments for more taxpayers. Per the notice, all filings and payments due from April 1, 2020 to July 15, 2020 are now due July 15, 2020. This will include nonprofit organizations with their upcoming May and June filings. The IRS […]