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John Sapp, CPA, Explains the QBI Safe Harbor Rule – E41
www.drakesoftware.com/archive/john-sapp-cpa-explains-the-qbi-safe-harbor-rule-e41/?kme=TS&km_subc...

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Calculate how much you’ll get from the $1,200 (or more) coronavirus checks
www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/?fbclid=IwAR2QLxSX...

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The Families First Act and The CARES Act
Dear Friends:The passage of the Families First Coronavirus Response Act (Families First Act) on March 18 will have a significant impact on both individuals and businesses. In addition to containing four new tax credits for businesses and self-employed individuals, the Families First Act includes the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act,which are aimed at helping employees who have lost wages due to business closures. Additional pieces of legislation dealing with the economic fallout of the Coronavirus Disease 2019 (COVID-19) pandemic, most notably the CARES Act, a $2.2 trillion economic relief package, are winding their way through Congress.Families First Act Paid Leave RequirementsThe Families First Act generally requires employers to provide an employee with paid sick time to the extent that the employee is unable to work or telework due to a need for leave in any of the following situations: · The employee is subject to a federal, state, or local quarantine or isolation order related to COVID-19; · The employee has been advised by a health care provider to self-quarantine due to concerns related to COVID-19; · The employee is caring for an individual who is either subject to a quarantineorder or is self-quarantining (as described in the previous two items); · The employee is experiencing symptoms of COVID-19 and seeking a medical diagnosis; · The employee is caring for a child whose school or place of care is closed (or child care provider is unavailable) due to COVID-19 precautions; or
· The employee is experiencing any other substantially similar condition specified by the Secretary of Health and Human Services in consultation with the Secretary of the Treasury and the Secretary of Labor.Full-time employees are entitled to 80 hours of paid sick time. Part-time employees are entitled to paid sick time equal to the average number of hoursthat the employee works over a two-week period. Paid sick time under this provision does not carry over from one year to the next. Additionally, a notice of the requirements under this law must be posted in a conspicuous place on the employer's premises.The Families First Act requires that certain employers provide public health emergency leave to employees under the Family and Medical Leave Act of 1993. This requirement generally applies when an employee is unable to workor telework due to a need for leave to care for a son or daughter under age 18because the school or place of care has been closed, or the child care provider is unavailable, due to a public health emergency. A public health emergency is defined as an emergency with respect to COVID-19 declared bya federal, state, or local authority. The first 10 days of public health emergency leave required under the law may consist of unpaid leave, after which paid leave is required. The paid leave is for the duration of the period provided in the Families First Act, which is a maximum of 10 weeks. The amount of required paid leave under the provision is based on an amount not less than two-thirds of an employee's regular rate of pay, and the number of hours the employee would otherwise be normally scheduled to work. Additional guidance is provided for employees with varying schedules. The paid leave mandated by the Families First Act may not exceed $200 per day and $10,000 in the aggregate.Families First Act Employer Tax CreditsPaid Sick Leave Credit: For an employee who is unable to work because of Coronavirus quarantine or self-quarantine or has Coronavirus symptoms and is seeking a medical diagnosis, eligible employers may receive a refundable sick leave credit for sick leave at the employee's regular rate of pay, up to $511 per day and $5,110 in the aggregate, for a total of 10 days. For an employee who is caring for someone with Coronavirus, or is caring for a child because the child's school or child care facility is closed, or the child care provider is unavailable due to the Coronavirus, eligible employers may claim acredit for two-thirds of the employee's regular rate of pay, up to $200 per day and $2,000 in the aggregate, for up to 10 days. Eligible employers are entitled
to an additional tax credit determined based on costs to maintain health insurance coverage for the eligible employee during the leave period. A similar credit is available for self-employed individuals.Child Care Leave Credit: In addition to the sick leave credit, for an employee who is unable to work because of a need to care for a child whose school or child-care facility is closed or whose child care provider is unavailable due to the Coronavirus, eligible employers may receive a refundable child care leave credit. This credit is equal to two-thirds of the employee's regular pay, capped at $200 per day or $10,000 in the aggregate. Up to 10 weeks of qualifying leave can be counted towards the child-care leave credit. Eligible employers are entit…
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Are you prepared to hand over your finances to someone in an emergency?
www.usatoday.com/story/money/personalfinance/2020/03/20/power-attorney-how-prepare-personal-finan...

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BREAKING NEWS: $2T Stimulus Bill a Win for Commercial Real Estate, Says NAIOP
www.connect.media/2t-stimulus-bill-a-win-for-commercial-real-estate-says-naiop/

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#MarcAsheghian #TaxConsultancyGroup #accounting #accountant #CPA #taxplanning #taxpreparation #tax #financialplanning #highnetworth #estateplanning #IRSRepresentation

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