BBS Incorporated, Inc.

guidelines at best If the IRS has your direct deposit information on file: the week ending April 17. Paper checks for people with up to $10,000 in AGI: the week ending April 24. ... Between $10,000 AGI and $20,000 AGI: the week ending May 1. Between $20,000 AGI and $30,000 AGI: the week ending May 8. Between $30,000 AGI and $40,000 AGI: the week ending May 15. Between $40,000 AGI and $50,000 AGI: the week ending May 22. Between $50,000 AGI and $60,000 AGI: the week ending May 29. Between $60,000 AGI and $70,000 AGI: the week ending June 5. Between $70,000 AGI and $80,000 AGI: the week ending June 12. Between $80,000 AGI and $90,000 AGI: the week ending June 19. Between $90,000 AGI and $100,000 AGI: the week ending June 26. Between $100,000 AGI and $110,000 AGI: the week ending July 3. Between $110,000 AGI and $120,000 AGI: the week ending July 10. Between $120,000 AGI and $130,000 AGI: the week ending July 17. Between $130,000 AGI and $140,000 AGI: the week ending July 24. Between $140,000 AGI and $150,000 AGI: the week ending July 31. Between $150,000 AGI and $160,000 AGI: the week ending Aug. 7. Between $160,000 AGI and $170,000 AGI: the week ending Aug. 14. Between $170,000 AGI and $180,000 AGI: the week ending Aug. 21. Between $180,000 AGI and $190,000 AGI: the week ending Aug. 28. Between $190,000 AGI and $198,000 AGI: the week ending Sept. 4. All other checks (e.g., those who didn’t have tax info on file): the week ending Sept. 11. Use your client’s AGI from 2019 (if they have already filed a 2019 federal return) or 2018 (if they have not yet filed for 2019), to calculate when they can expect to receive their stimulus check. See more

Washington (CNN)About 80 million people were sent their stimulus payments this week -- but if you weren't one of them, it doesn't mean you won't get the money. You're one of roughly 60 million people still waiting. About 90% of Americans are eligible for the payments, which phase out for high-income earners, according to an estimate from the Tax Policy Center. The Internal Revenue Service started by sending money to the people it could reach the fastest. This was anyone who...Continue reading

https://home.treasury.gov/system//136/PPP--IFRN%20FINAL.pdf

People First: COVID-19 effort temporarily adjusts, suspends key compliance programs ________________________________________ To help people facing the challenges of COVID-19 issues, the IRS announced a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. "The IRS is taking extraordinary steps to help the people of our country," IRS Commissioner Chuck Rettig said. "In ad...dition to extending tax deadlines and working on new legislation, the IRS is pursuing unprecedented actions to ease the burden on people facing tax issues. During this difficult time, we want people working together, focused on their well-being, helping each other and others less fortunate." These changes range from postponing certain payments related to Installment Agreements and Offers in Compromise to collection and limiting certain enforcement actions. The projected start date will be April 1 and the effort will initially run through July 15. During this period, to the maximum extent possible, the IRS will avoid in-person contacts. However, the IRS will continue to take steps where necessary to protect all applicable statutes of limitations. "IRS employees care about our people and our country, and they have a strong desire to help improve this situation," Rettig said. "These new actions reflect just one of many ways our employees are working hard every day to assist the nation. We care, a lot. IRS employees are actively engaged, and they have always delivered for their communities and our country. The People First Initiative is designed to help people take care of themselves and is a key part of our ongoing response to the coronavirus effort." For complete information on the IRS response to COVID-19, visit Corona Virus Tax Relief on IRS.gov. See more

Coronavirus Aid, Relief, and Economic Security (CARES) Act The CARES Act is 880 pages long and provides wide-ranging relief for individuals, businesses, large corporations, state and local government, hospitals and public health care workers, the education system and the federal social safety net suffering due to the COVID-19 pandemic. Below are key aspects of the law that primarily effect businesses and their employees. As with most complex legislation, guidance and c...larification from government agencies will likely be forthcoming over the next few days and we will update this page accordingly. The CARES Act charges the U.S. Small Business Administration with providing $350 billion to support loans to a new Paycheck Protection Program for employers with 500 employees or fewer, restaurant and hospitality businesses with fewer than 500 employees per location, self-employed and gig economy workers, along with 501(c)(3) nonprofits and 501(c)(19) veteran organizations. Employers will qualify for loans up to 250% of their monthly average cost for payroll expenses, rent/mortgage payments, utilities payments, and debt payments incurred before March 1, 2020 maxing out at $10 million. Loan forgiveness exists for payroll expenses including salary, wages and payment of cash tips (up to an annual rate of pay of $100,000); employee group health care benefits, including insurance premiums; retirement contributions; and covered leave up to $33,333 per employee during the period March 1, 2020 to June 30, 2020. Cost of participation in the program would be reduced for both borrowers and lenders by providing fee waivers, an automatic deferment of payments for one year, and no prepayment penalties. Payroll taxes are deferred through January 1, 2021 and will be considered paid in a timely manner provided 50% of payroll taxes are remitted by December 31, 2021 and the remaining 50% are remitted by December 31, 2022.

IR-2020-59, March 25, 2020 WASHINGTON To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. "The IRS is taking extraordinary steps to help the people of our country," said IRS Commissioner Chuck Rettig. "In addition to extending tax deadlines and working on new legis...Continue reading

Guidance on Conditional Suspension of California WARN Act Notice Requirements under Executive Order N-31-20 March 23, 2020 On March 17, 2020, Governor Gavin Newsom issued Executive Order N-31-20, which addressed the California Worker Adjustment and Retraining Notification (WARN) Act (Lab. Code 1400, et seq.) and its 60-day notice requirement for closures of establishments. Pursuant to the direction in that Order, the Department of Industrial Relations, Division of Labor S...Continue reading

Coronavirus tax relief information ________________________________________ To help with the rapidly evolving COVID-19 situation, the IRS created a special Coronavirus Tax Relief page on IRS.gov focused on steps to help payroll professionals, taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available. The Department of Treasury also has information available at Coronavirus: Resources, Updates, and What You Should Know.

IRS delays tax filing and payment deadlines to July 15 for all taxpayers ________________________________________ The Treasury Department and the IRS are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 outbreak. The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all indiv...idual returns, trusts and corporations. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify. This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020. First quarter 2020 estimated income tax payments are postponed from April 15 to July 15, 2020. Second quarter 2020 estimated income tax payments are still due on June 15, 2020. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15. In Notice 2020-18, Relief for taxpayers affected by ongoing COVID-19 pandemic, the Treasury Department and the IRS announced special federal income tax return filing and payment relief in response to the ongoing emergency. Please see the frequently asked questions related to the relief provided in the notice. These FAQs will be updated periodically and are designed to be a flexible tool to communicate information to taxpayers and payroll professionals in this changing environment. The answers to these questions provide responses to general inquiries and are not citable as legal authority. Accordingly, the Treasury Department and the IRS are continuing to consider additional Internal Revenue Bulletin (IRB) guidance on the issues addressed in these FAQs. See more

Coronavirus-related paid leave for workers and tax credits for small and midsize businesses ________________________________________ Small and midsize employers can soon begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This COVID-19 relief to employees and small and midsize businesses is provided under the Families First... Coronavirus Response Act, signed March 18, 2020. To take immediate advantage of the paid leave credits, businesses can retain and access funds that they would otherwise pay to the IRS in payroll taxes. If those amounts are not enough to cover the cost of paid leave, employers can seek an expedited advance from the IRS by submitting a streamlined claim form that will soon be released. Key takeaways: Paid sick leave for workers For COVID-19 related reasons, employees receive up to 80 hours of paid sick leave and expanded paid child care leave when employees' children's schools are closed, or child care providers are unavailable. Complete coverage Employers receive 100% reimbursement for paid leave under the FFCR. o Health insurance costs are also included in the credit. o Employers face no payroll tax liability. o Self-employed individuals receive an equivalent credit. Fast funds Reimbursement will be quick and easy to obtain. An immediate dollar-for-dollar tax offset against payroll taxes will be provided. Where a refund is owed, the IRS will send the refund as quickly as possible. Small business protection Employers with fewer than 50 employees are eligible for an exemption from the requirements to provide leave to care for a child whose school is closed, or child care is unavailable in cases where the viability of the business is threatened. Easing compliance Requirements subject to 30-day non-enforcement period for good faith compliance efforts. See more

People around the world are suffering from the impact of the coronavirus pandemic, with hundreds of thousands of cases of COVID-19 and signs of further spreading. Many are also struggling economically as national, state, and local governments both in the U.S. and across the globe use extraordinary measures to try to stem the spread of the disease. Lawmakers in Washington agree that Americans need relief from the economic impacts of the coronavirus crisis, but they've fought h...Continue reading