In this week’s Wednesday episode (May 27, 2020) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather reported that she still hasn't seen movement on fixing the issue of expenses being deductible regarding the PPP loans, which will directly impact how many taxes are owed at the end of the year. The AICPA is working hard [...]
This article was published by the IRS. Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can [...]
In this week’s Wednesday episode (May 13, 2020) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather Cozby reported that the Massachusetts Department of Unemployment is now texting applicants. If you've been waiting for a callback on your application, pay attention to your texts. They may appear at first to be a scam, but could be [...]
In this week’s Wednesday episode (May 6, 2020) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather Cozby gave an update on the status of debt forgiveness for the PPP loans, which were not intended to be considered taxable income. This week the IRS confirmed that while the loan forgiveness itself is not taxable income, any [...]
This article was published by the IRS. Frequently Asked Questions General Information Determining the Amount of the Tax Credit for Qualified Sick Leave Wages Determining the Amount of the Tax Credit for Qualified Family Leave Wages Determining the Amount of Allocable Qualified Health Plan Expenses How to Claim the Credits How Should an Employer Substantiate Eligibility [...]
