CARES Act

  • The Employee Retention Credit Covered in New IRS Notice

    Congress bookended 2020 with two taxpayer relief packages aimed at mitigating the financial strain caused by the ongoing coronavirus pandemic. The Coronavirus Aid, Relief, and Economic Securities Act and Taxpayer Certainty and Disaster Tax Relief Act of 2020 include a number of provisions that either create or modify tax relief for individual taxpayers and businesses.…

  • COVID and Retirement Funds: Options and Strategies

    The COVID-19 pandemic has caused significant financial strain for millions of taxpayers. From job losses and business closures to medical bills and lost revenue, unexpected costs and hardships have threatened to sink American families’ finances. While unemployment benefits, paid sick leave, Payroll Protection Program loans, and stimulus money have helped some stay afloat, many have…

  • Treasury Says SBA Has Simpler Forgiveness Application for Certain PPP Loans

    The Treasury Department last week announced that the Small Business Administration is making it easier to request Paycheck Protection Program (PPP) loan forgiveness for loans that are $50,000 or less.   What is the Paycheck Protection Program? The Paycheck Protection Program was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020…

  • IRS Urges Low-Income Non-Filers to Use EIP Reporting Tool

    Some low-income Americans may need to report EIP-qualifying information to the IRS. With the dependent-reporting deadline for non-filers who are automatically receiving their Economic Impact Payment passed, the Internal Revenue Service reminded low-income Americans who don’t normally file a tax return that they are probably eligible for a CARES Act-authorized payment. While non-filers who receive…

  • Can I Buy OTC Medication with FSA, HSA, and HRA Funds?

    The CARES Act removes an ACA limitation on using FSA, HSA, and HRA funds to pay for over-the-counter medication. The CARES Act—famous for authorizing the $1,200 Economic Impact Payments that Americans have begun receiving—also includes important, coronavirus-related changes for flexible spending accounts (FSAs), health savings accounts (HSAs), and health reimbursement arrangements (HRAs). This isn’t the…