H.R. 6201: Families First Coronavirus Response Act

H.R. 6201: Families First Coronavirus Response Act This legislation has now passed both the House and the Senate and has been enacted into law by the President. The effective date is 15 days after enactment: April 2, 2020. Executive Summary This legislation applies only to employers who employ less than 500 employees. This legislation is…

Employers Can Immediately Provide Tax-Free Qualified Disaster Payments to Employees in Connection With COVID-19

Employers Can Immediately Provide Tax-Free Qualified Disaster Payments to Employees in Connection With COVID-19 Employers are scrambling to find ways to help their employees who are impacted by the novel coronavirus (COVID-19). Help is available. Now that the COVID-19 has been declared a national emergency, Internal Revenue Code Section 139 can be used to allow…

Federal Aid Package Helps Individuals Affected By COVID-19

Federal Aid Package Helps Individuals Affected By COVID-19  The Families First Coronavirus Response Act (H.R. 6201),  became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding. The…

Tax Payments Have Been Deferred

Tax Payments Have Been Deferred As the COVID-19 situation continues to change on a daily basis, abip would like to take some time to inform clients of the relief that the federal government has passed thus far. Below are some common questions we have been receiving and the answers to those questions – as of…

What to Do If You Are Missing Important Tax Forms

What to Do If You Are Missing Important Tax Forms If you are ready to file your taxes but are missing important tax forms here’s what you should do: Form W-2 You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers…

Are Social Security Benefits Taxable?

Are Social Security Benefits Taxable? Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits such as wages, self-employment,…