For 2021, the annual limit on deductible contributions to a Health Savings Account is $3,600 for individuals with self-only coverage under a High Deductible Healthcare Plan (a $50 increase from 2020) and $7,200 for family coverage (a $100 increase from 2020).

The House of Representatives on Thursday, May 28th passed new legislation that would make it easier for businesses to have their Paycheck Protection Program loans forgiven by relaxing restrictions on how the loan money can be used and extending the period that businesses have to use the funds.

On May 22nd the Treasury and Small Business Administration (“SBA”) released a new Interim Final Rules (“IFR”) on Loan Forgiveness.

When submitting a PPP application, all borrowers must certify in good faith that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”

The brand-new Paycheck Protection Program (PPP) is designed to support American small businesses with immediate cash support during the COVID-19 pandemic.

The employer’s share of Social Security Tax (but not Medicare tax) can be delayed, and paid over two years.

The 2019 Wisconsin Act 185 authorizes the Wisconsin Department of Revenue to grant extensions to taxpayers that request relief for returns and payments due in 2020.

Any individual or corporation that has a quarterly estimated tax payment due on or after April 1st, 2020, and before July 15th, 2020, can wait until July 15th, 2020, to make that payment, without penalty.

To help keep small businesses afloat, the CARES Act provides that businesses with fewer than 500 employees, including sole proprietors and nonprofits, will have access to nearly $350 billion in loans through the Small Business Act during the “covered period.”

Most of the government’s attention and action has related to businesses and helping them stay in business during these unusual and challenging times.

We’ve provided much information regarding the Senate’s Coronavirus Stimulus Legislation in the past several days and now that is has finally passed the Senate and is on its way to the House of Representatives and then the President, we are providing another summary of the final bill with highlights to the main new provisions.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, currently being debated in the Senate and expected to be voted on Wednesday night, contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic.

The recent legislation signed by President Trump, the Families First Coronavirus Response Act (H.R. 6201), grants two weeks of paid sick leave at 100 percent of the person’s normal salary, up to $511 per day.

As you've HOPEFULLY heard, we are still open for business. While, for the health and safety as well as the protection of our employeessome of our locations have temporarily modified our operations to reduce close contact and to practice social distancing.

The Treasury Department and Internal Revenue Service announced That the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide employees with expanded family and medical leave for specified reasons related to COVID-19.

The United States Treasury, IRS and, Dept. of Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave.

For the last 25 years, Thomas Schmitt has specialized in individual and corporate taxation and Internal Revenue Service taxpayer resolution in the Mayville and Greater Milwaukee Wisconsin communities.

For 40 years, Mr. Foy has been serving the tax and financial needs of business owners and individuals in the Fond du Lac area.

We have now expanded our capabilities to help provide more thorough guidance on more financial matters so that you can make educated decisions on the financial future of your business, as well as yourself.