The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
Updated with new information for seniors, retirees. The Treasury Department and the Internal Revenue Service announced that the distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact payment.
Several Jurisdictions are extending tax filing/Regulatory fee deadlines. KyCPA is collecting the list and providing that information here.
The SBA provides guidance regarding disaster loans and contact information for their customer service center.
As the world comes to grips with COVID-19, many businesses are responding by encouraging team members to work from home. The rationale behind this action is to reduce the possibility of a contaminated team member encountering other team members, and potentially contaminating them. Unfortunately, not everyone has thoughtfully considered the security ramifications of encouraging team members to work remotely.
To assist our members in easily finding the latest on COVID-19, KyCPA will update this dedicated webpage with links to quality resources, information and developments.
The ability of organizations — and the individuals that comprise organizations — to change and evolve over time is a crucial factor to the continued success of the profession.
Jupiter Research expects more than half of all data breaches globally will occur in the United States by 2023 — a scant four years from now. The cybercriminal impact is so serious that the FBI now has a “most wanted” list. Take a peek to see if they’re your neighbor. And the small business sector is among the top four targets that hackers attack most frequently. (The other three are energy, education and health care.) It’s digitally ugly out there and it will get uglier.
The IRS and its Security Summit partners today called on tax professionals and taxpayers to use the free, multi-factor authentication feature being offered on tax preparation software products.