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Consolidated CARES Coronavirus Updates

Updated Summary of Tax Deadlines Automatic Extended Due Dates** State Which Filings Filing Date Payment Date 1st Quarter Estimate Notes California All returns 7/15/2020 7/15/2020 7/15/2020 Includes 2nd  quarter estimates Connecticut Individual 7/15/2020 7/15/2020...

Coronavirus Related Paid Sick Leave for Workers and Tax Credits

The IRS and Department of Labor have announced that small and midsize employers can begin taking advantage of two refundable payroll tax credits, which are designed to immediately and fully reimburse the employer, dollar for dollar, for the cost of providing...

DC EXTENDED TAX DEADLINE

Today, Mayor Muriel Bowser and Chief Financial Officer Jeffrey DeWitt announced that the deadline for taxpayers to file and pay their 2019 District of Columbia individual and fiduciary income tax returns (D-40, D-41, and D-40B), partnership tax returns (D-65), and...

COVID-19 TAX RELIEF (03/23/2020)

The treasury department announced that the federal income tax return filing date of April 15th has been extended to July 15th to match the extended tax payment date. This includes individual, fiduciary and corporate tax returns. Maryland followed up indicating that...

COVID-19 TAX RELIEF

IRS today officially announced – Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual...

Determine a reasonable salary for a corporate business owner

If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries and bonuses that it pays...

Work Opportunity Tax Credit extended through 2020

If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). The WOTC was set to expire on...

Matching gifts double the impact of donors’ contributions

A majority of large U.S. companies offer matching gift programs to boost the impact of their employees’ charitable gifts. Double the Donation estimates that $2 to $3 billion is donated through matching gift programs every year. At the same time, between...

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