The pandemic has been motivating factor in some freelancers moving to avoid being in a hotspot for the virus or to be closer to family. While it can be advantageous to move in some regards, it may also affect your tax situation, so it’s important...
A key part of The CARES Act for freelancers was the ability for the self-employed to apply for unemployment benefits to offset income lost due to the Covid-19 pandemic under the Pandemic Unemployment Assistance (PUA) program. However, what may not be clear to many people...
On Saturday President Trump signed an executive order— one that is likely to see some legal challenges. The order includes language to extend enhanced unemployment benefits and eviction moratoriums, the deferment for student loans, student loan interest forgiveness and extend eviction moratoriums. However, for freelancers,...
If you were able to get a loan under the Payroll Protection Program (PPP) recently, you should be aware of some important follow-up guidance recently released by the IRS which may impact your taxes. PPP loan forgiveness, self-employment income and your taxes Based on the new PPP...
If you were able to get a loan under the Payroll Protection Program (PPP) recently, you should be aware of some important follow-up guidance recently released by the IRS which may impact your taxes. PPP loan forgiveness, self-employment income and your taxes Based on the new PPP...
The Payroll Protection Program (PPP) loan fund is now officially tapped out, but if you were able to secure an SBA loan through this program for your freelance business it is important to know how the forgiveness of this loan will work on your 2020...
Under the recently passed CARES Act, the U.S. government is planning to send out Economic Impact Payments (EIP) to taxpayers meeting certain income requirements. Please note: the IRS is currently working on a website with a portal for individuals to provide their banking information to...
Today the emergency relief bill, now known as The CARES ( Coronavirus Aid, Relief, and Economic Security) Act, was passed to help bolster the U.S. economy as the country battles the coronavirus. The new law covers a broad cross-section of the economy—including the freelance sector....
The IRS has stepped up to help people facing the challenges of COVID-19 with a number of measures including easing payment guidelines and postponing compliance actions for the initial period of April 1 to July 15, 2020. This is in addition to the extension of...
On Friday, the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced two new refundable tax credits which offer relief to employees, small and midsize businesses, and the self-employed under the Families First Coronavirus Response Act (Act), signed by...