News & Information: Accounting, Tax and COVID-19 Resources
You may have started your business as a simple sole proprietorship that files its taxes as a Schedule C on your Form 1040. As your business grows, you may want to change the structure. Here are several scenarios where it may make sense to do just that. Reasons to Create... June 08, 2020 Governor Tom Wolf today announced a $225 million statewide grant program to support small businesses that were impacted by the COVID-19 public health crisis and subsequent business closure order. “As we continue to navigate the COVID-19 pandemic and shift our focus toward reopening our commonwealth, we need... Numerous new laws provide economic relief to individuals and businesses hardest hit by this year’s pandemic. This much-needed financial assistance, however, comes with a few strings attached. Here are three potential surprises if you use the available economic relief packages: Getting a tax bill for unemployment benefits. While the $1,200 economic... Questions about Economic Impact Payments The IRS is issuing Economic Impact Payments. These payments are being issued automatically for most individuals. However, some people who don’t usually file a tax return will need to submit basic information to the IRS to receive their payment. Questions? The IRS is regularly updating the Economic... Due to COVID-19, the IRS’ People First Initiative provides relief to taxpayers on a variety of issues from easing payment guidelines to delaying compliance actions. This relief is effective through the filing and payment deadline, Wednesday, July 15, 2020. Existing Installment Agreements– Under an existing Installment Agreement, payments due between April 1 and...
