Insights
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New Ways the CARES Act Affects Individuals and Businesses
April 2, 2020
As additional details of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) become available, the list of potential tax benefits continues to grow. Individual Taxpayers Individual taxpayers are affected in a number of ways. Rebate checks, the so-called stimulus checks, are slated to be issued to individual taxpayers subject to income limitations. Between […]
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Section 139 Tax-Free Payments to Employees
March 26, 2020
On March 13, 2020, President Trump declared a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (the “Declaration”) due to extraordinary circumstances resulting from COVID-19. The Declaration allows employers to make tax-free payments or reimbursements to employees as “qualified disaster payments” under Section 139 of the Internal Revenue Code. Qualified […]
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COVID-19 & Assistance for Small Businesses
March 25, 2020
Forced business closures and lost revenue as a result of COVID-19 are causing many businesses to face a severe cash crunch. One currently available avenue for relief is the Small Business Administration (“SBA”). The SBA is currently offering Economic Injury Disaster Loans of up to $2.0 million for eligible small businesses and not for profit […]
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IRS Deadline for Filing Tax Returns - July 15
March 20, 2020
Treasury Secretary Steven Mnuchin announced Friday that the administration has moved the IRS deadline for filing individual tax returns from April 15 to July 15 due to the disruption caused by the coronavirus. We are going to continue to work diligently to complete all of our clients’ tax returns and deliverables over the next few […]
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Families First Cornonavirus Response Act
Wednesday evening, March 18, 2020, President Trump signed the Families First Coronavirus Response Act (“FFCRA”), an emergency legislative measure in response to the spread of the coronavirus, which takes effect April 2, 2020. Under the FFCRA, businesses who employ fewer than 500 individuals will be required to provide up to 80 hours of paid leave […]
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Tax Deadline Update
March 18, 2020
On March 13, 2020, President Trump issued an emergency declaration in response to the ongoing COVID-19 pandemic that instructed the Secretary of the Treasury “to provide relief form tax deadlines to Americans who have been adversely affected by the COVID-19 emergency.” In response, the Internal Revenue Service officially announced today that the due date for […]
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Siegfried Advisory + COVID-19
Valued Clients, We have been closely monitoring developments around COVID-19. As always, our highest priorities are the safety and wellbeing of our employees, clients, and the communities where we live. We are taking all necessary precautions and encourage all of you to do the same. In light of continuing developments, we are sharing an important […]
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Celebrating the end of Tax Season!
May 29, 2019
The Siegfried Advisory team recently came together to celebrate the end of another amazing tax season. This year was filled with clients (both existing and new), Tax Cuts, Jobs Act changes, and adding a few new faces to our own growing team! We invited our friends (who helped keep us balanced throughout the hectic tax […]
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Updated Guidance on Sec 199A: The Qualified Business Income Deduction
October 25, 2018
The IRS finally issued its highly anticipated guidance on the new “QBI” deduction through a series of proposed regulations. The most significant detail in the regulations relates to which activities are considered Specified Service Trade or Businesses that may be completely phased-out of the deduction. The IRS includes specific examples of activities in each field […]
