What should I do to return an Economic Impact Payment (EIP)?
You should return the payment as described below. If the payment was a paper check: Write “Void” in the endorsement section on the back of the check. Mail the voided Treasury check immediately to the appropriate IRS location listed below. Don’t staple, bend, or paper clip the check. Include a note stating the reason for […]
What Happens When Economic Impact Payments Differ?
As millions of Americans begin receiving their promised Economic Impact Payments from the IRS, as authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), some may find that they did not get the amount they were expecting. While the amount that each eligible individual receives should reflect their situation for the 2020 […]
Paycheck Protection Program (PPP) Loan Certification
The SBA just released further guidance on the Payroll Protection Program (PPP) Certification Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? Answer: When submitting a PPP application, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing […]
IRS Provides Tax Relief Through Increased Flexibility for Taxpayers in Section 125 Cafeteria Plans
The Internal Revenue Service released guidance to allow temporary changes to section 125 cafeteria plans. These changes extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs and allow taxpayers to make mid-year changes. The guidance issued today addresses unanticipated changes in expenses because of the 2019 Novel Coronavirus (COVID-19) […]