UPDATED April 3, 2020: The following represents a summary of the recently signed into law CARES Act—also referred to as the Stimulus Package. Specifically, we are providing a summary of the Paycheck Protection Program. Title 1 of the CARES Act, entitled “Keeping American Workers Paid and Employed Act,” provides relief for small businesses and their employees who are adversely affected by the COVID-19 outbreak. The key provision in this Act…  Read more

In order to simplify all of the newly released information from the IRS and Virginia Department of Taxation on tax filing deadlines for individuals, we at Harris, Hardy & Johnstone, P.C. have put together a simplified set of instructions for our clients on how we would like to approach the upcoming filing deadlines. Virginia deadlines for Individuals Filing deadline for 2019 tax returns is May 1, 2020.  Please note, this has not…  Read more

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,[1] Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.” Below are some frequently asked questions about how employers can use Section 139 immediately to help employees…  Read more