COVID-19 Update: Paycheck Protection Provisions of the CARES Act

Posted By Jordon Rosen, CPA, AEP Paycheck Protection Provisions of the Keeping Workers Paid and Employed, Health Care System Enhancement and Economic Stabilization Section – What You Need to Know After much debate, Congress passed the Coronavirus Aid, Relief and Economic Security Act (the CARES Act) with a price tag of roughly $2.2 billion! We covered Individual Taxpayer Provisions and … Continued

COVID-19 Update: Business Provisions of the CARES Act

Posted By Jordon Rosen, CPA, AEP Business Provisions of the Keeping Workers Paid and Employed, Health Care System Enhancement and Economic Stabilization Section – What You Need to Know Now As we mentioned in our last blog post, Individual Taxpayer Provisions of the CARES Act, two major pieces of tax legislation in one year, let alone in a two-week span, … Continued

COVID-19 Update: Individual Taxpayer Provisions of the CARES Act

Posted By Jordon Rosen, CPA, AEP Individual Taxpayer Provisions of the Keeping Workers Paid and Employed, Health Care System Enhancement and Economic Stabilization Section – What You Need to Know Now We usually don’t see two major pieces of tax legislation in one year, let alone in a two-week span, but these are extraordinary times. As Congress finalizes legislation for the Coronavirus … Continued

COVID-19 Tax Update: Families First Coronavirus Response Act

Posted by Jordon N. Rosen, CPA, AEP With non-essential type businesses shutting down (either voluntarily or state-ordered), business owners are worried and wondering whether they will be able to pay their bills and if they need (and how they can afford) to continue paying their employees. Similarly, workers who are not working because of business closure, having to take time … Continued

COVID-19 Tax Relief: Extension to File

Posted by Jordon N. Rosen, CPA, AEP The BLS Team is actively monitoring the rapidly developing changes related to COVID-19 and will continue to provide updates as they apply to our clients, employees, vendors and the community. Not surprisingly, Treasury Secretary Steven Mnuchin announced this morning that the traditional Tax Filing Day of April 15 is being moved to July 15, … Continued

COVID-19 Tax Relief: Extension to Pay

 Posted By Jordon N. Rosen, CPA, AEP I thought I had seen it all after 42 years in practice. I was wrong. The events surrounding the Coronavirus pandemic that have changed our daily lives for the foreseeable future, will also have an impact on how we will be filing our 2019 income tax returns and making payments which are due … Continued

Delaware, Maryland, and Pennsylvania Division of Revenue Alerts

As of March 16, 2020, the Delaware, Maryland, and Pennsylvania Division of Revenue posted the following alerts: Delaware: The Delaware Division of Revenue has issued an announcement that while the State of Delaware has declared a state of emergency to prepare for the spread of the coronavirus, all state offices currently remain open. Maryland: The Maryland Comptroller’s Office announced that … Continued

Are Qualified Charitable Distributions an Underused Tax Planning Tool?

Posted by Michael H. Abernathy Jr, CPA Although Congress incentivizes individuals to save for retirement by allowing various tax-free savings vehicles, they do eventually require taxpayers to dig into their nest eggs. When taxpayers reach age 70 ½ they must withdraw at least a specified minimum amount of funds from their retirement accounts each year. These required minimum distributions (RMDs) … Continued

Reasonable Compensation for S-Corporation Shareholders

Posted by Michael H. Abernathy Jr., CPA For S-Corporation owners, complex regulatory environments and constantly changing tax laws make deciding upon the correct method and amount to pay yourself a burdensome endeavor. S-Corporation owners have an incentive to characterize income taken out of their business as owner distributions instead of wages to avoid payroll taxes and create potential Qualified Business … Continued