COVID-19 Resource Center

Payroll Tax Provisions for Businesses in the CARES Act

NOTICE – As of April 1, the IRS has posted frequently asked questions that will answer some details not known at the time of this article.  For additional information, please visit the IRS website, click here These payroll tax provisions…

Read More

CARES Act Individual Tax Provisions

Individual Tax Provisions Found in the CARES Act The CARES Act provides tax relief for individuals, specifically in the form of cash rebates and generous deductibility of charitable contributions.  Recovery Rebates for Individuals Amount of Assistance Subject to limitations, an…

Read More

Business Tax Provisions in the CARES Act

Modifications for Net Operating Losses The net operating loss (NOL) rules applicable to individuals and C Corporations recently changed and will now change again. To avoid confusion, let’s review: Prior to 2018, NOLs could be carried back two years and…

Read More

New Unemployment Provisions Established in the CARES Act

Last week Congress provided relief for Americans, businesses, and healthcare institutions through a record stimulus deal in response to the COVID-19 pandemic, The Coronavirus Aid, Relief, and Economic Security Act (CARES).  The Senate passed H.R. 748 Wednesday March 25, 2020,…

Read More

Other Provisions Found in Title I: Keeping American Workers Paid and Employed Act

Other Provisions within Title I of the CARES Act Last week Congress provided relief for Americans, businesses, and healthcare institutions through a record stimulus deal in response to the COVID-19 pandemic, The Coronavirus Aid, Relief, and Economic Security Act (CARES). …

Read More

Lending Provisions Found in Title I: Keeping American Workers Paid and Employed Act

New Lending Provision Known as CARES-7(a) Last week Congress provided relief for Americans, businesses, and healthcare institutions through a record stimulus deal in response to the COVID-19 pandemic, The Coronavirus Aid, Relief, and Economic Security Act (CARES).  The Senate passed…

Read More

FFCRA Exemptions for for Health Care Providers and Emergency Responders

FFCRA Exemptions for Health Care Providers and Emergency Responders By:  Shannon D. Norris Norris Law Firm, PLLC 735 Plaza Boulevard, Suite 200 Coppell, Texas 75019 Direct: (214) 396-3345 sdnorris@norrisfmrm.com FFCRA Requirements The Families First Coronavirus Response Act (FFCRA) generally provides that covered employers…

Read More

FFCRA Exemptions for Small Businesses

FFCRA Exemptions Small Businesses By:  Shannon D. Norris Norris Law Firm, PLLC 735 Plaza Boulevard, Suite 200 Coppell, Texas 75019 Direct: (214) 396-3345 sdnorris@norrisfmrm.com FFCRA Requirements The Families First Coronavirus Response Act (FFCRA) generally provides that covered employers must provide to all employees:…

Read More

IRS Unveils New People First Initiative

The IRS unveiled the new “People First Initiative” which intends to temporarily adjust and suspend some compliance programs. IRS has established a series of relief to assist taxpayers.  Highlights of the initiatives are: Existing Installment Agreements Taxpayers who are in…

Read More

Stimulus deal will include checks

Client Communication – March 27, 2020 Stimulus deal will include checks The stimulus deal expected to be passed by the House and signed into law by the President will include sending checks directly to individuals.  It is expected to take…

Read More