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Paycheck Protection Loan Update from US Treasury
To our Valued Clients and Associates, The U.S. Treasury has released a Fact Sheet and the application form for the Paycheck Protection Program. The Fact Sheet contains some important changes and updates to the program. Here are some highlights of the Fact Sheet they...
PFC Loan Summary – March 30, 2020
To our Valued Clients and Associates, With the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the third stimulus bill related to the Covid-19 pandemic) on Friday, the Government has provided much needed relief to small businesses. However,...
CARES Act Update – March 26, 2020
To our valued clients and associates, March 26, 2020 The Senate has overwhelmingly passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and it appears that the House is set to do the same on Friday, paving the way for the President to sign the bill...
CARES Act tax provisions aim to stabilize pandemic-ravaged economy
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, which passed the Senate by a 96-0 vote late on Wednesday, 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...
PFC Note to Clients
To our valued clients and associates, The IRS recently issued Notice 2020-17 (included below as issued) and it has caused some confusion among taxpayers. Paresky Flitt & Company is here to help provide you with some clarity on the recently issued Notice...
Differential Functioning: Tax Law vs. Form W-4 Withholding Rules
Many wage earners were stymied last April when they completed their tax filings. Despite the much-touted anticipated tax savings, which should have resulted in a sizable refund, many taxpayers discovered they actually owed taxes. The reason for this was a shortfall...
Guaranteed Payments Might Not be Guaranteed (To Your Benefit)
Partnerships and entities taxed as partnerships, such as some LLCs, often pay partners specific amounts outside of the partnership’s usual income allocation. This is usually in the form of health insurance, retirement contributions, or additional income for specific...
Planting Spring Seeds During A Never-Ending Winter Blizzard
The Importance of Financial Planning For Families Affected by Disability Intellectual and physical disabilities affect approximately 10% of the population. A parent’s journey with their disabled child is akin to a never-ending winter storm: spectacularly beautiful and...
Final Passthrough Deductions Regulations Published-Changes and Clarifications Abound
The Treasury recently finalized regulations on the 20% 199A passthrough deduction. While some questions remain unanswered, the new regulations address several areas omitted from the proposed regulations released this past August, alter rules on others, and clarify...
Vacation Rentals Now Subject to Occupancy Tax
On December 28th, 2018 the governor signed HR 4327 into law, subjecting short term rentals to the same 5.7% state occupancy tax as hotels, bed and breakfasts, and motels. Municipalities can also subject these rentals to a local occupancy tax (up to an additional 6%)....