Current Events & Hot Topics
The CARES Act refundable payroll tax credits are also referred to as what?
The Employee retention credit
True or False: The IRS has begun accepting Forms 1040-X Amended U.S. Individual Income Tax Return electronically?
True
What is a EIDL loan?
True or False: The executive order only delays (does not forgive) the employee's share of Social Security tax?
True
The healthiest response to threat and stress is what?
"To connect with others"
- Don't worry alone and do go at it alone
What is the date the employee retention credit is available for wages paid to certain employees?
March 13, 2020
The IRS announced on what day that they would begin accepting Forms 1040-X Amended returns electronically?
August 17, 2020
True or False: EIDL loans are forgivable?
False: EIDL are not forgivable
For the executive order on payroll tax deferral will interest and penalties accrue during the deferral period for the employee's share of Social Security tax?
Interest and penalties will not accrue
Name one healthy thing you can do to cope with a potential rising of your stress levels?
Workout, meditate, read a book, spend time with family
The Families First Act (FFA) provisions provide small and midsize employers with refundable tax credits that reimburse them, dollar-for-dollar for the cost of providing what?
Paid Qualified sick and family leave wages to their employees for leave related to COVID-19
When does the payroll tax deferral initiated in the executive order begin?
September 1
What is the term for EIDL loans?
30-year term which provides payback flexibility to borrowers.
During which periods employers who are eligible for the CARES employee retention credit are allowed to retain the employee's share of FICA?
The ability to see things with fresh eyes is what many refer to as?
Notes: It's about letting go of preconceived notions and preexisting patterns of thought. Often our minds are weighed down by so much of what is, that we lose the ability to see the possibilities that may lie ahead.
The CARES Act provides a refundable payroll tax credit for what percentage of wages paid by eligible employers to certain employees during the COVID-19 crisis?
50%
The payroll tax deferral only applies to employees making how much per year?
$104,000
SSAE No. 19 amends which section of SSAE No. 18?
AT-C Section 105
Employers who are eligible for the Families First Coronavirus Response Act (FFCRA) mandatory federal paid sick and child care leave may retain employees share of?
FICA as an advance FFCRA tax credit
Emotional intelligence can be broken down into five key facets, please name one of them?
Self-awareness
Self-regulation
Motivation
Empathy
Social Skills
The CARES Act tax credits are available for wages paid to certain employees for the period of?
April 1 - December 31, 2020
What does the executive order for payroll tax deferral not apply to?
Income Tax Withholdings or Employer's Share of FICA
What is one flexibility for practitioners that is included in SSAE No. 19?
Employers who are eligible for the CARES employee retention credit (ERC) are allowed to retain the employee's share of?
FICA as an advance ERC tax credit
Our brains are wired to make snap decisions to avoid pain in the short term, often to the detriment of the long term this mental model is known as?
Hyperbolic discounting
Notes: Without being able to see opportunity and remain emotionally grounded, we often make decisions that prevent our future selves from being where we want to be. Avoiding short-term pain sometimes inhibits long-term gain.