The Coronavirus Aid, Relief, and Economic Security (CARES) Act (passed in March of 2020) contains many provisions intended to reduce taxpayers’ financial hardships associated with the COVID-19 pandemic. One of the provisions of the Act concerns certain withdrawals from retirement accounts in 2020. Normally, withdrawals from retirement accounts by taxpayers…
The Consolidated Appropriations Act (CAA) of 2021 has greatly expanded the Employee Retention Credit (ERC), which was originally signed into law with the CARES Act in 2020. As a result of this, it is important not to rush filing your Form 941 or 943 to be sure you are claiming…
The Wyoming Business Council is set to open the next wave of COVID-19 funding for small businesses, nonprofits, farmers and ranchers impacted by the pandemic on Nov. 2.Eligible businesses and nonprofits can apply for the Endurance Fund but applicants cannot apply more than one time per fund. Eligible entities include…
From SD State News at https://news.sd.gov/Default.aspx PIERRE, S.D. – Governor Kristi Noem laid out a framework for up to $400 million in Coronavirus Relief Funds (CRF) to assist South Dakota’s small businesses negatively impacted by the COVID-19 pandemic. “South Dakota is in a good spot as we…
Double-dipping isn’t about chips and queso anymore. By this point everybody is somewhat familiar with the Coronavirus Aid, Relief and Economic Security (CARES) Act. Discussions about the Paycheck Protection Programs (PPP) and Economic Injury Disaster Loans (EIDL) are now common points of discussion at the office and at home…
Nobody likes to hear the term “net operating losses” (NOL). It may indicate a business has not performed according to expectations, sometimes due to no fault of the business or its owners. Often an NOL is intentional with the advent of 100% bonus depreciation. However, if a business generates a…
Updated April 27, 2020 We hope you are keeping yourself, your loved ones, and your community safe from COVID-19. Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. Here is a list…
Updated April 23, 2020 On Friday, March 27, a historic, bipartisan deal was signed into law to offer $2 trillion in health care and economic relief to Americans and businesses amid the ongoing novel coronavirus pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a massive aid package…
Hello Nonprofit Friends! We want you to know we are ready to help as you face the challenge of keeping employees on the payroll and operating at the level necessary to serve our community during this unprecedented time. We at KT have had a chance to digest the Families…
