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COVID-19 Related Retirement Distributions

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…

January 7, 2021

Claiming the ERC Credit on Form 941/943 Filing

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…

January 7, 2021

Coronavirus Relief Fund (CRF): No Double-Dipping

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…

May 27, 2020

Cares Act: Laws That Affect Individuals

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…

April 2, 2020

Cares Act Business Provisions

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…

April 1, 2020

COVID-19 Updates for NonProfits

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…

March 30, 2020