BHT&D Certified Public Accountants Blog

New IRS Form 941: Employment Tax Credits And Other Tax Relief

Posted by Karly Morris on Thu, Jul 02, 2020 @ 12:00 PM

On June 19th, 2020 the IRS published the final revised Form 941 that will be used for the remainder of 2020. The purpose of filing this quarterly form is to report to the IRS the wages subject to social security, Medicare and federal income tax withholding. This new revised form takes into account changes made by the Families First Act and the CARES Act that provided various types of payroll tax relief for employers.

Read More

Tags: Small Business, Employment Tax, Family First Legislation, CARES ACT

CARES Act Employee Retention Credit: An Alternative For Employers To The Paycheck Protection Program

Posted by Karly Morris on Wed, Apr 22, 2020 @ 01:00 PM

The CARES ACT provides employers an alternative to the Paycheck Protection Program under the Employee Retention Credit. You can only take advantage of one or the other, but not both.  

The goal of the Employee Retention Credit is to encourage employers to keep employees on payroll by offering a credit up to $5,000 per employee.

Read More

Tags: Small Business, CARES ACT, Employee Retention Credit, Taxes

Unemployment Benefits for Self-Employed Workers And Individuals With Limited Work History

Posted by Karly Morris on Thu, Apr 16, 2020 @ 10:00 AM

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on Friday, March 27th, 2020 and went into effect on April 1st, 2020. This blog post focuses in on the expansion of unemployment benefits for individuals including the self-employed and individuals with limited work history.

Read More

Tags: COVID-19, Michigan Unemployment, CARES ACT, Federal Unemployment, Self Employed

2020 CARES Act Small Business And Self Employed Provisions

Posted by Chuk Gottschall on Mon, Apr 13, 2020 @ 12:00 PM

A summary of major provisions of the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act affecting small businesses and self-employed taxpayers:

Read More

Tags: Small Business, CARES ACT, Pay Check Protection, Self Employed

2020 CARES Act Individual Provisions

Posted by Chuk Gottschall on Mon, Apr 13, 2020 @ 12:00 PM

A summary of major provisions of the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act affecting individual taxpayers:

Read More

Tags: COVID-19, CARES ACT, Federal Unemployment