Relief from not making employment tax deposits due to COVID-19 tax credits
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the […]
The new COVID-19 law provides businesses with more relief
On March 27, another coronavirus (COVID-19) related bill was signed into law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid […]
Cash payments and tax relief for individuals in new law
A new law signed on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual cash payments Under the new law, an eligible individual will […]
Extended Tax Deadlines – Frequently Asked Questions
What relief has the IRS granted? Due to the coronavirus, the IRS has extended the April 15 filing and federal income tax payment deadline to July 15, 2020. On March 20, 2020, the IRS formalized their relief by publishing Notice 2020-18. Notice 2020-18 supersedes Notice 2020-17 which was issued on March 17. Notice 2020-18 provides […]
CARES ACT – Stimulus Payments
Recently, the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) was signed into law, a $2 trillion stimulus package to mitigate the impact of the Coronavirus pandemic. The CARES Act includes stimulus payments of $1,200 for each individual and $500 for each dependent child, defined by the child tax credit rules as under age […]
SBA offering loans to small businesses hit hard by COVID-19
Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is the Small Business […]
Individuals get coronavirus (COVID-19) tax and other relief
Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer making federal income tax payments, […]
Jamison Graduates from AICPA Leadership Academy
Jamison Graduates from AICPA Leadership Academy Jamison is among 36 Emerging Leaders in the Accounting Profession NEW YORK (October 14, 2019) – Michael Jamison, President of OnTarget CPA, was one of 36 leaders to graduate from the American Institute of CPAs’ (AICPA) 2019 AICPA Leadership Academy, a rigorous program to inspire, nurture and empower the next generation of […]
OnTarget CPA Announces Office Relocation
OnTarget CPA is excited to announce our office expansion and relocation taking place this week‼️ It is bittersweet to leave our original building (converting to a hotel) but we can’t wait to welcome you to our new space at 101 West Ohio. #MovinOnUp
Jamison Selected for 2019 AICPA Leadership Academy
Michael Jamison from OnTarget CPA selected to attend AICPA’s 2019 Leadership Academy Michael Jamison, CPA, CGMA was one of only 38 CPAs honored by the American Institute of CPAs (AICPA) as a member of the Leadership Academy’s 11th graduating class. Jamison was selected based on his exceptional leadership skills and professional experience for the four-day […]
