Business
Families First Emergency Family and Medical Leave Expansion Act
Summary of Keypoints Overview of Families First emergency leave requirements: The Families First Emergency Family and Medical Leave Expansion Act (EFMLEA) and the Emergency Paid Sick Leave Act (EPSLA) require employers with fewer than 500 employees to provide paid leave related to COVID-19, with potential exemptions for employers with fewer than 50 employees if compliance…
Read MoreSBA EIDL Help for Small Businesses
Summary of Keypoints Overview of SBA Economic Injury Disaster Loans (EIDL): Under the Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020, the SBA provides low-interest federal disaster loans to small businesses experiencing substantial economic injury due to COVID-19. Loan purpose and use of funds: EIDL proceeds may be used for working capital needs, including…
Read MoreFour tax strategies you can use to reduce your income taxes and increase your 20% Pass-Through Income Section 199A deduction
Summary of Keypoints Purpose: The article outlines four tax planning strategies designed to reduce taxable income while increasing eligibility for the 20% Pass-Through Income deduction under IRC Section 199A. Capital loss harvesting: Taxpayers can offset capital gains that negatively affect the Section 199A deduction by realizing capital losses before year-end. Charitable contributions: Increasing itemized deductions…
Read MoreAlert – how to handle the government shutdown as a Federal contractor.
Summary of Keypoints Situation overview: A partial federal government shutdown has begun, creating uncertainty for federal contractors and requiring immediate contract-by-contract assessment. Prime contractor guidance: Contractors should maintain close communication with the Contracting Officer (CO/KO), COR, and COTR; stop work on unfunded contracts; and follow any stop-work orders issued on funded contracts. Funded contracts without…
Read MoreLower Your Tax Bill for 2018
Summary of Keypoints Context: The article outlines year-end 2018 tax planning opportunities under the Tax Cuts and Jobs Act, which introduced major changes for both individuals and businesses, including new rates, deductions, and limitations. Individual tax planning: Key strategies include managing investment income to minimize the 3.8% net investment income surtax, timing capital gains and…
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