COVID-19 Information


Howard, Moore & McDuffie is closely monitoring the COVID-19 situation, and we are continuously checking with our local agencies as well as the Centers for Disease Control and Prevention (CDC) to help us determine what, if any, action is necessary on our part to support our clients, our community and our staff.  We are taking preventative measures based upon the CDC’s recommendations to mitigate the spread of the virus.  Our office currently remains open, and we are conducting business as usual with a few exceptions. Please download our flyer for more information. 


 

 


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News

Guidance issued on payroll tax deferral

  • 31 August 2020
  • Author: machele
  • Number of views: 147
  • 0 Comments
Late on Friday, the IRS issued much-anticipated guidance on the payroll tax deferral that was ordered by President Donald Trump in a presidential memorandum on Aug. 8 (Notice 2020-65). The notice allows employers to defer withholding on affected employees’ compensation during the last four months of 2020 and then withhold those deferred amounts during the first four months of 2021.

AICPA requests guidance on payroll tax deferral

  • 13 August 2020
  • Author: machele
  • Number of views: 248
  • 0 Comments
The AICPA on Wednesday sent a letter to Treasury and the IRS requesting guidance on the recent presidential memorandum deferring some employee payroll taxes until next year. The memorandum, issued by President Donald Trump on Saturday, defers the withholding, deposit, and payment of the employee portion of the old-age, survivors, and disability insurance (OASDI) tax under Sec. 3101(a) and Railroad Retirement Act Tier 1 tax under Sec. 3201 for any employee whose pretax wages or compensation during any biweekly pay period generally is less than $4,000. It applies to payroll taxes on wages paid from Sept. 1 through Dec. 31, 2020.

PPP forgiveness changes coming as Senate passes House bill

  • 4 June 2020
  • Author: machele
  • Number of views: 549
  • 0 Comments

The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans.

The bill passed in a unanimous voice vote hours after Wisconsin Sen. Ron Johnson initially blocked it. Among the key provisions is a change in the threshold for the amount of PPP funds required to be spent on payroll costs to qualify for forgiveness to 60% of the loan amount. 

AICPA supports bill that would make PPP-funded expenses deductible

  • 6 May 2020
  • Author: machele
  • Number of views: 696
  • 0 Comments
Legislation introduced in the Senate on Tuesday would overrule an IRS notice and clarify that ordinary expenses funded by Paycheck Protection Program (PPP) loans are deductible by taxpayers. The bill, the Small Business Expenses Protection Act of 2020, S. 3612, is currently in the Senate Finance Committee and is supported by the AICPA.

SBA publishes new PPP guidance for the self-employed and general partners

  • 15 April 2020
  • Author: machele
  • Number of views: 742
  • 0 Comments

The U.S. Small Business Administration issued a new interim final rule Tuesday that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule for the PPP issued on April 2 and FAQs that are being updated periodically.

The additional guidance provides specific information on calculating the maximum loan amount for individuals with self-employment income who file a Form 1040, Schedule C, Profit or Loss From Business. The 2019 Form 1040 Schedule C is required to be provided with the PPP loan application, according to the interim rule, which notes that detailed documentation guidelines are also required.

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