Category Archives: Disaster Recovery

PROTECT TAX RECORDS BEFORE DISASTER STRIKES

DisasterNatural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare: Continue reading

LOAN FORGIVENESS UNDER THE PAYCHECK PROTECTION PLAN

Paycheck Protection ProgramAs part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, many small business owners were able to apply for – and receive – a loan of up to $10 million under the Paycheck Protection Program (PPP). Businesses – including nonprofits, veterans’ organizations, Tribal entities, self-employed individuals, sole proprietorships, and independent contractors – that were in operation on February 15 and that have 500 or fewer employees are eligible for the PPP loans. If the loan proceeds are used as specified, business owners may apply to have the loan forgiven. Continue reading

Tax Returns & Estimated Taxes Now Due July 15

Tax DeadlineDue to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. Continue reading

Be Prepared When Natural Disasters Strike

preparing for natural disastersWhile Fall is the prime time for Atlantic hurricanes, natural disasters of all kinds can strike at any time. As such, it’s a good idea for taxpayers to think about–and plan ahead for–what they can do to be prepared. Continue reading

Delinquent Tax Debts Could Affect Passport Renewal

renew your passportAs a reminder, individuals with “seriously delinquent tax debts” are subject to a new set of provisions courtesy of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. These provisions went into effect in February 2018. Continue reading

Safeguarding Financial Records

Disaster Recovery PlanNatural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some basic steps you can take right now to prepare: Continue reading

Scam Alerts: Hurricane Charities and Ransomware

danger aheadWhile The IRS, state tax agencies and numerous people in the tax and accounting industry are working together to warn tax professionals and their clients about phishing scams, they are still all too common. Here’s what you need to know about the two most recent scams: fake charities that take advantage of people’s generosity during times of natural disasters and IRS/FBI-themed ransomware. Continue reading

Tax Tips for Those Affected By Natural Disasters

hurricane imageEvery year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect people throughout the US. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike they not only cause wind damage but can cause widespread flooding. Many homeowners are not covered for damage due to flooding because most standard insurance policies do not cover flood damage. Fortunately, tax relief is available–but only if you meet certain conditions. For business owners and self-employed individuals who may owe estimated taxes, for example, the IRS typically delays filing deadlines for taxpayers who reside or have a business in the disaster area. Continue reading

When Disaster Strikes

disaster city, apocalyptic scenery, illustration digital paintingSpecial tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. With hurricanes, floods, and other natural disasters impacting so many homeowners and businesses throughout the US this year, here is some useful information about disaster-related tax relief that taxpayers should know about: Continue reading