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SBA COVID-19 Loans and Grant Application Information

Paycheck Protection program The SBA has just released the application for the Paycheck Protection program. This program is for a forgivable loan to help small businesses and self-employed to help pay for payroll, health insurance, rent, and utilities. I have …

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Employer Resource Guide: FAQ – Adjustments to FMLA and Paid Sick Leave in Response to COVID-19

*Disclaimer: Robert P. Russo CPA, PC has put together this guide from various resources that are publicly available to help address the many questions we are getting from our business owners. This is not a substitute for professional advice from an employment attorney. We recommend you seek out advice from your employment attorney.

The COVID-19 virus has made fast, drastic changes to how we live and work. State-mandated business closures are creating challenges and generating many questions on how to preserve business continuity during this period. On March 18, 2020, President Trump signed the Families First Coronavirus Response Act (FFCRA) which takes effect on April 2. The bill expanded paid sick leave and unemployment benefits, impacting employees and employers, among other provisions.

In an effort to help consolidate the various pieces of legislation and important information from the Department of Labor (DOL), we’ve created a list of the most frequently asked questions regarding unemployment insurance benefits, the Family and Medical Leave Act (FMLA), and the changes made by the FFCRA and the Fair Labor Standards Act (FLSA). Frequently asked questions included in this document are:

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Who Can Represent You Before the IRS?

Many people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid Preparer Tax Identification Number (PTIN). All enrolled agents must also have a valid PTIN.

If you choose to have someone prepare your federal tax return, then you should know who can represent you before the IRS if there is a problem with your return. Here’s what you should know:

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Tax Deduction for Classic or Antique Cars Used in Business

Question

I enjoy your articles on the dollars-and-cents aspects of buying antique furniture for use in a business.

It would be interesting if you could give an example of, say, buying an antique or a classic car versus a new car as a business-use vehicle. Let’s say a 1972 Pontiac GTO versus a 2019 Lexus GS.

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New Opportunities for Deferring Taxable Gains: Qualified Opportunity Zones 101

What are Qualified Opportunity Zones and how can I benefit as a taxpayer?

Recently, I’ve had many clients – individuals, business owners, and investors – ask me about the recent buzz surrounding Qualified Opportunity Zones (QOZs). They’ve come to me saying they’ve heard that QOZs can help them defer…and even reduce…their tax liability on capital gains.

The first thing I tell them is, yes, all of the above is true. Next? I warn them that it’s complicated, like many of the tax regulations that have emerged from 2018’s Tax Cuts and Jobs Act. You must consult with a qualified CPA to ensure you’re following proper protocol required for reaping the rewards of investing in a Qualified Opportunity Zone.

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