There have been several additional developments over the last few weeks regarding the Paycheck Protection Program (“PPP”). Even after these developments, many aspects of the PPP are still uncertain, including how the amount of the loan forgiveness will be calculated. The CARES Act was clear...
Any affected person with a federal income tax return due on April 15th will now have until July 15, 2020 to file their return. This is a change from a prior IRS announcement. Affected persons include individuals, trusts, estates, partnerships and corporations. There are...
Key Updates on Recent Legislation Business Legislation: The Family First Coronavirus Response Act requires certain size employers to provide paid sick leave as well as paid family and medical leave to employees. The government then provides a fully refundable credit against payroll taxes to offset the qualified...
Individual Legislation: Certain withdrawals from retirement plans (up to $100,000) will not be subject to the 10% early distribution penalty Increase of maximum loan from qualified plans to $100,000 (up from $50,000 – check with your plan administrator) Temporary waiver of 2020 required minimum distribution...
The IRS has released guidance related to the postponement of certain tax payments as relief to taxpayers during the COVID-19 outbreak. This measure provides one of the first of what will likely be several measures to improve the liquidity of businesses and individuals. While taxpayers still...
More than ever, it is important for individuals and businesses to enter into detailed tax planning. Due to the complexity of the tax law, the details are often left to the tax advisor, but having a basic understanding of how the new tax reform may...
Most businesses and not-for-profits for whom we provide audit services have leasing arrangements that go beyond 12-month terms. They are entered into for things like office space, equipment and other operating assets for which the lessee never intends to gain ownership. In the past, these...
For a public institution co-founded by a teacher, such results create a high level of optimism for the future of public education as well as the welfare of teachers. Strong performance leads to better recruitment of a diverse student population, which in turn helps the...
Schmidt Westergard, a leading independent Mesa CPA firm, announced the recent promotion of Kelly M. White, JD, LLM, to Partner. White joined Schmidt Westergard in 2007. Throughout her career at the firm, she has lent her tax knowledge and experience to countless clients, solving complex estate...
We were honored to take part in the National Kidney Foundation of Arizona’s (NKFAZ) annual gala, Dancing with the Stars Arizona. NKFAZ has been an exceptional client of Schmidt Westergard for many years. To ensure the integrity of the competition, we tabulated audience votes once...