Federal Aid Package Helps Individuals Affected by COVID-19

Federal Aid Package Helps Individuals Affected by COVID-19 The Families First Coronavirus Response Act (H.R. 6201),  became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding. The…

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Employers Can Immediately Provide Tax-Free Qualified Disaster Payments to Employees in Connection With COVID-19

Employers Can Immediately Provide Tax-Free Qualified Disaster Payments to Employees in Connection With COVID-19 Employers are scrambling to find ways to help their employees who are impacted by the novel coronavirus (COVID-19). Help is available. Now that the COVID-19 has been declared a national emergency,[1] Internal Revenue Code Section 139 can be used to allow employers…

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Are Social Security Benefits Taxable?

Are Social Security Benefits Taxable? Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits such as wages, self-employment,…

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Tax Filing Season Begins

Tax Filing Season Begins January 27, 2020, marked the start of this year’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here’s what individual taxpayers can expect: Another New Design for…

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