Shelby Keefer COVID-19, Individual, Taxes
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief for individuals and small businesses. Below is a recap of some of the key provisions helping individuals. Direct cash payments Provides a one-time cash payment as follows: Individuals will get $1,200 (joint filers get $2,400) plus $500 per child. Benefits start to phase out […]
Shelby Keefer Business, COVID-19, Taxes
Due to the rapidly changing information related to the CARES Act we have updated the information below and included more links directly to the U.S. Treasury and SBA websites. Please continue to check these resources as they are changing not by the day but by the hour. We are continually updating ourselves and encourage you […]
Shelby Keefer Business, COVID-19, Taxes
Due to the rapidly changing information related to the CARES Act we have updated the information below and included more links directly to the U.S. Treasury and SBA websites. Please continue to check these resources as they are changing not by the day but by the hour. We are continually updating ourselves and encourage you […]
Shelby Keefer Business, COVID-19, Taxes
Due to the rapidly changing information related to the CARES Act we have updated the information below and included more links directly to the U.S. Treasury and SBA websites. Please continue to check these resources as they are changing not by the day but by the hour. We are continually updating ourselves and encourage you […]
Shelby Keefer Business, COVID-19, Taxes
Due to the rapidly changing information related to the CARES Act we have updated the information below and included more links directly to the U.S. Treasury and SBA websites. Please continue to check these resources as they are changing not by the day but by the hour. We are continually updating ourselves and encourage you […]
Shelby Keefer Business, COVID-19, Taxes
Overview The Families First Coronavirus Response Act (Families First) requires employers to provide temporary paid sick, family, and medical leave for employees who are directly affected by the COVID-19 outbreak. This leave will ensure that workers are able to stay home from work when sick and are able to take care of their loved ones. […]
Shelby Keefer Business, COVID-19, Taxes
Overview The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides the following tax relief for businesses and non-profits. Expanded Net Operating Losses The CARES Act expands the use of net operating losses (NOLs) by modifying restrictions put in place by the Tax Cuts and Jobs Act of 2017 (TCJA) (P.L. 115-97). The TCJA limited net operating […]
The State of Nevada is working smart. They have changed the filing requirements to the Nevada Commerce Tax so that most small businesses are NO LONGER required to file a return. Only IF your gross receipts from Nevada are GREATER THAN $4,000,000 will you be required to file a Commerce Tax Return. This change begins […]
Tax rates The TCJA changed the tax calculation for corporations from a tiered bracket system to a flat 21% (previously was a high of 35%) New flat rate applies to personal service corporations (previously was a flat 35%) Alternative minimum tax (“AMT”) repealed completely Changes to net operating losses (“NOL”) An NOL is where your […]
Shelby Keefer Individual, Taxes
Tax rates The TCJA changed the tax rates and ranges of the seven brackets and lowered the top bracket to 37% from 39.6% The long-term capital gains and qualified dividends rate is still 0% if in the lowest two brackets, 15% for income up to between $425,800 and $479,000 depending on filing status, and 20% […]
