Denise HueApr 3, 20206 minPAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET: BORROWERS The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees duri...
Denise HueApr 3, 20201 minMaine Income Tax Payment and Filing Deadline ExtendedThe State of Maine will extend the deadline for Maine income tax payments from April 15, 2020, to July 15, 2020. The change aligns with t...
Denise HueApr 3, 20201 minFederal Income Tax Return and Payments Due Date Extended to July 15, 2020The federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal ...
Denise HueApr 3, 20202 minEconomic impact payments: FAQsHow much is the economic impact payment? Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an e...
Denise HueApr 2, 202010 minMaine Unemployment Insurance FAQs Regarding COVID-19Governor Mills’ COVID-19 emergency legislation (LD 2167), which was enacted by the Legislature and signed into law March 18th, included t...
Denise HueApr 2, 20203 minEconomic Impact Payments to IndividualsCheck IRS.gov for the latest information: No action needed by most people at this time March 30, 2020 WASHINGTON — The Treasury Departmen...
Denise HueApr 2, 20201 minSocial Security Recipients Will Automatically Receive Economic Impact PaymentsApril 1, 2020 WASHINGTON – The U.S. Department of the Treasury and the Internal Revenue Service today announced that Social Security bene...
Denise HueApr 2, 20204 minFamilies First Coronavirus Response Act: Employee Paid Leave RightsThe Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide employees with paid sick leave or expand...
Denise HueApr 2, 20201 minPAID SICK LEAVE (Families First Coronavirus Response Act)Each covered employer must post a notice of the Families First Coronavirus Response Act (FFCRA) requirements in a conspicuous place on it...
Denise HueApr 2, 20201 minSBA Coranavirus Disaster LoansAreas eligible for SBA disaster loans Small business owners in all U.S. states and territories are currently eligible to apply for a low-...
Denise HueApr 2, 20202 minSBA Paycheck Protection Program (PPP)Program Overview The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their work...
Denise HueApr 2, 20204 minCARES Act Tax ProvisionsThe Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, which passed the Senate by a 96-0 vote late on Wednesday, conta...
Denise HueFeb 28, 20201 minDeducting Home Office Expense When You Own an S Corporation In the old days, S corporations paid rent to their shareholder employees and the office in home income and expenses were deducted on Sche...
Denise HueFeb 28, 20202 minBusiness Tax Filing Deadlines - 2020January 31, 2020 This is the deadline to send out Form W-2 to your employees, and to file the documents with the IRS. This is also the de...
Denise HueFeb 28, 20201 min1099-MISC Forms for SubcontractorsFile 1099’s for payment made of at least $600 in: Rents. Services performed by someone who is not your employee. Prizes and awards. Other...
Denise HueFeb 28, 20202 minTreating Medical Insurance Premiums as Wages for an S Corporation Shareholder-EmployeeHealth and accident insurance premiums paid on behalf of a greater than 2-percent S corporation shareholder-employee are deductible by th...
Denise HueFeb 28, 20202 minReasonable Compensation for S Corporation Shareholder-Employees S corporations must pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corpor...
Denise HueFeb 28, 20201 minNew Employer Credit for Paid Family and Medical Leave This general business credit is a percentage of the amount of wages paid to a qualifying employee while on family and medical leave for u...
Denise HueFeb 28, 20201 minOperating Costs of Entertainment Facilities Still Nondeductible. The Tax Cuts and Jobs Act does not change the prior law rule disallowing a deduction for the expenses of maintaining and operating facili...
