PAYCHECK 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...
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Denise Hue
- Apr 3, 2020
- 1 min
Maine Income Tax Payment and Filing Deadline Extended
The State of Maine will extend the deadline for Maine income tax payments from April 15, 2020, to July 15, 2020. The change aligns with...
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Denise Hue
- Apr 3, 2020
- 1 min
Federal Income Tax Return and Payments Due Date Extended to July 15, 2020
The federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal...
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Denise Hue
- Apr 3, 2020
- 2 min
Economic impact payments: FAQs
How much is the economic impact payment? Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an...
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Denise Hue
- Apr 2, 2020
- 10 min
Maine Unemployment Insurance FAQs Regarding COVID-19
Governor Mills’ COVID-19 emergency legislation (LD 2167), which was enacted by the Legislature and signed into law March 18th, included...
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Denise Hue
- Apr 2, 2020
- 3 min
Economic Impact Payments to Individuals
Check IRS.gov for the latest information: No action needed by most people at this time March 30, 2020 WASHINGTON — The Treasury...
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Denise Hue
- Apr 2, 2020
- 1 min
Social Security Recipients Will Automatically Receive Economic Impact Payments
April 1, 2020 WASHINGTON – The U.S. Department of the Treasury and the Internal Revenue Service today announced that Social Security...
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Denise Hue
- Apr 2, 2020
- 4 min
Families First Coronavirus Response Act: Employee Paid Leave Rights
The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide employees with paid sick leave or...
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Denise Hue
- Apr 2, 2020
- 1 min
PAID 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...
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Denise Hue
- Apr 2, 2020
- 1 min
SBA Coranavirus Disaster Loans
Areas eligible for SBA disaster loans Small business owners in all U.S. states and territories are currently eligible to apply for a...
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Denise Hue
- Apr 2, 2020
- 2 min
SBA 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...
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Denise Hue
- Apr 2, 2020
- 4 min
CARES Act Tax Provisions
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, which passed the Senate by a 96-0 vote late on Wednesday,...
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Denise Hue
- Feb 28, 2020
- 1 min
Deducting 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...
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Denise Hue
- Feb 28, 2020
- 2 min
Business Tax Filing Deadlines - 2020
January 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...
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Denise Hue
- Feb 28, 2020
- 1 min
1099-MISC Forms for Subcontractors
File 1099’s for payment made of at least $600 in: Rents. Services performed by someone who is not your employee. Prizes and awards. Other...
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Denise Hue
- Feb 28, 2020
- 2 min
Treating Medical Insurance Premiums as Wages for an S Corporation Shareholder-Employee
Health and accident insurance premiums paid on behalf of a greater than 2-percent S corporation shareholder-employee are deductible by...
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Denise Hue
- Feb 28, 2020
- 2 min
Reasonable 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...
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Denise Hue
- Feb 28, 2020
- 1 min
New 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...
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Denise Hue
- Feb 28, 2020
- 1 min
Operating 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...
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