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COVID-19 Relief Resources

This is an uncertain and stressful time for many of us, and the health and financial well-being of our families, clients, and friends are our top priorities.

We pulled together a variety of resources related to COVID-19 including tax extensions, relief bills, stimulus packages, and investment advice to assist you in navigating the economic impact of this virus.

COVID-19 Relief Assistance & Financial Advice

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Comparing potential tax plans headed into Election Day

As the United States heads into the final weeks of the presidential election race, taxes will be a popular talking point. Here is a look at the plans from both candidates.

Are scholarships tax-free or taxable?

If your child has been awarded a scholarship, congratulations! But be aware that there may be tax implications. Scholarships and fellowships are generally tax-free, but certain conditions must be met.

Will you have to pay tax on your Social Security benefits?

After paying into Social Security for all your working years, you may be surprised to learn that the benefits may be taxed in retirement. Here are the rules.

Home office deductions subject to strict limitations

Are you self-employed and operate your business from home or perform certain functions at home that are related to your business? You might be able to claim home office deductions on your tax return.

New PPP guidance addresses compensation, rent-related costs

The SBA has published a new interim final rule related to the Paycheck Protection Program created by the Coronavirus Aid, Relief, and Economic Security Act. The IFR addresses treatment of certain owner-employees and limitations on eligibility of certain non-payroll costs for loan forgiveness.

IRS issues guidance to address tricky payroll tax deferral

The Internal Revenue Service has issued guidance to help businesses implement the Presidential Memorandum issued August 8. The order allows employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount, but it left questions and concerns when it was announced.

What new payroll tax deferral could mean for you

Using an executive action, President Trump has deferred payroll taxes from Sept. 1 through the end of 2020. But there are many unanswered questions.

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Stay up-to-date on tax and accounting changes and other business and technology topics.

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"Accurate, prompt, and caring, the Kraft team takes care of all things financial so the board and I can concentrate on serving our members.”

Rebecca Leslie

Executive Director

Nashville Academy of Medicine

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"KraftCPAs has taken care of our family businesses for three generations. We sleep better at night knowing that Vic and his team are looking out for our best interest."

Shirley Zeitlin

Chairman

Zeitlin Sotheby's International Realty®

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"KraftCPAs shares the Hiscall values of integrity and commitment to customer service. They keep us ahead of the game and always prove to have my best interest at heart."

Gary Luffman

Chief Executive Officer

Hiscall, Inc.

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"What's not to love? They're simply the best. KraftCPAs takes care of our family business as if it were their own."

Michael Smith

President

Rio Grande Fence Co.

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