Blog
CARES Act Changes To RMDs For 2020
2020 is a unique year as far as required minimum distributions (RMDs) are concerned. The CARES Act has suspended the requirement for most 2020 IRA distributions--including some 2019 distributions that you might have personally elected to delay until 2020. For our...
Business Owners: There Are 3 New Tax Credits Available to Companies Hit By COVID-19
Please click the links to learn more about how your business can benefit from the Employee Retention Credit, the Paid Sick Leave Credit and the Paid Family Leave Credit.
Congress Approves Additional $310 Billion for Small Business PPP Loans
We encourage those who qualify to move quickly to secure loans from this second round of funding. Please contact us via email if you need any assistance in determining if you should apply.
Specific Guidance for Self-Employed Small Businesses & the PPP Loan Application
We encourage our clients who would benefit from a Paycheck Protection Program (PPP) loan to take advantage of it.
Still Have Questions About Those Economic Impact Payments?
Here is a recap of the qualifiers and a helpful flow chart with useful links for more information about getting your Economic Impact Payment (EIP). The IRS also warns tax filers to beware of phishing scams related to your EIP.
Second Quarter Estimated Tax Payments Now Due July 15th
Late last week the federal government extended the due date for the 2020 second quarter estimated tax payment from June 15 to July 15. This means that individual tax returns, as well as individual first quarter and second quarter estimated tax payments are now all due...
Economic Impact Checks for Non-Filers: How to Provide Your Current Information to the IRS
At Nichols & Company, we know many of you are assisting elderly parents or grandparents right now. In an effort to support you, we wanted to share that the IRS has launched a new tool to assist non-filers in registering their current information for their Economic...
What’s Up At The IRS?
If you've tried contacting the IRS recently, you might have noticed a few things have changed. Here are a few highlights you may wish to be aware of: 1) 70,000+ IRS workers are trying to work remotely. This has resulted in the closure of most local offices, leaving no...
Wondering If You Qualify For The Government’s Upcoming Economic Impact Payments?
To help ease the financial effects of the COVID-19 pandemic, the federal government is planning to send stimulus checks to all taxpayers in the coming weeks. For your planning purposes, we wanted to share with you their guidelines for determining eligibility. It is...