Tax

EMPLOYEE SOCIAL SECURITY TAXES TO BE DEFERRED

  On August 8, 2020, President Trump signed an Executive Order, for the Treasury Department to issue guidance related to the deferral of Social Security Taxes, for employees.  The deferral will apply to wages that are paid from September 1, 2020 through December 31, 2020. Not all employees will qualify for the payroll tax deferral.  Read More…

HIGHLIGHTS FROM THE FAQ ON PPP LOAN FORGIVENESS ISSUES BY THE SBA

On August 4, 2020, the U.S. Small Business Administration (SBA), in consultation with the Treasury, released frequently asked questions (FAQs), on the Paycheck Protection Program (PPP) related to PPP Loan Forgiveness. The publication is divided into four sections addressing different aspects of the process to determine how much of their loan is forgivable.   The following Read More…

FINAL REGS ISSUED ON CHARITABLE CONTRIBUTION RELATED TO SALT BENEFITS

On August 7, 2020, the IRS released final regulations (T.D. 9907) regarding the interaction of the $10,000/$5,000 cap on state and local tax (SALT) deduction and charitable contributions. Your SALT deduction includes real estate taxes, state income taxes (unemployment, disability, family leave, personal property taxes) and local taxes. For tax years after 2017, an individuals Read More…

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