Renner Business News; April 14, 2020—Joan M. Renner, CPA, CGMA The IRS has provided guidance for employers who want to take advantage of the Employee Retention Credit. Small businesses and nonprofits experiencing economic hardship related to the COVID-19 crisis can claim a refundable credit for half the amount of wages paid to employees from March 13 through … Continued
Renner Business News; April 1, 2020 Many individuals will receive much-needed financial relief from the provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, including— Recovery checks, Additional tax deductions for charitable contributions, Waiver of penalties for early pension distributions, and Waiver of the requirement for required minimum IRA distributions. Recovery Rebate Checks … Continued
Renner Business News; April 1, 2020 The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes provisions to make it easier for employers to help their employees during the COVID-19 crisis. It also supports charitable giving by corporations able to help others and accelerates deductions for businesses that are experiencing business losses. Employee Retention Credit … Continued
Renner Business News; April 1, 2020 The Department of Treasury has released the Paycheck Protection Program application The Paycheck Protection Program offers small businesses and 501(c)(3) charities a loan to pay employee salaries under $100,000, health insurance, rent, utilities and loan interest for eight weeks. If used for these purposes, borrowers may apply for forgiveness of the … Continued
Renner Business News; March 31, 2020 Small businesses and charities can get assistance to meet emergency needs, pay employees and cover SBA loan payments under the Coronavirus Aid, Relief, and Economic Security (CARES) Act by applying for these Small Business Administration (SBA) programs through the SBA and SBA-approved lenders. The Paycheck Protection Program provides cash … Continued
Renner Business News; March 27, 2020 The Families First Coronavirus Response Act provides federal support for employers who continue to pay employees who are unable to work due to school closings or illness related to COVID-19. The Act applies to private employers, including nonprofits, with fewer than 500 employees and certain public employers. Employers must … Continued
Renner Nonprofit News; January 2, 2020 If you worked diligently to comply with the 2017 law that required nonprofits to pay tax on parking and metro benefits—you may have a tax refund coming your way. Two years ago, the Tax Cuts and Jobs Act required nonprofit employers to treat payments for transportation fringe benefits to employees … Continued