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The highlights from the US stimulus bill yet to be passed.

The bill would expand the eligibility for small businesses to receive a loan of up to $10 million under the SBA. Loans can be used for payroll as well as paid sick, or family leave, mortgage payments and rent, utilities. Loans could also be extended to sole proprietors, independent contractors and self-employed persons. No collateral would be required, nor any personal guarantee. Loans are eligible for forgiveness if they meet specific criteria.

The checks will be $1,200 per adult - or $2,400 for married couples filing jointly - and an additional $500 per child.

There will be a phaseout means that the benefit goes down as income goes up. In this case, for every $100 of income above those thresholds, your check will drop by $5. If you are a single filer earning $85,000, your check will be $700 ($1,200-$500). If you do the quick math on that, it means that you’ll phaseout completely once you hit $99,000 as a single filer, $198,000 as a married couple filing jointly, or $146,500 for heads of household.

The Internal Revenue Service will base, who will be eligible from the 2019 return or 2018 return. You will need a Social Security Number.

This is not taxable income.

Tax Gap and Compliance Results for the Federal Corporate Income Tax System
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We offer Accounting, Taxation & Business Consulting services. Visit us on www.mypartnersllp.ca for more information.

Tax Gap and Compliance Results for the Federal Corporate Income Tax System - Canada.ca The Canada Revenue Agency (CRA) has published a series of studies on Canada's tax gap.

What to Do If You Make a Mistake on Your Tax Return in Canada
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We offer Accounting, Taxation & Business Consulting services. Visit us on www.mypartnersllp.ca for more information.

Want to Change Your Canada Tax Return After Filing? Here's What to Do If you make a mistake on your tax return in Canada don't despair. Learn how to make changes to either T1 or T2 after you've filed.

6 strategies to help you (legitimately!) pay less capital gains tax
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We offer Accounting, Taxation & Business Consulting services. Visit us on www.mypartnersllp.ca for more information.

6-capital-gains-tax-strategies-to-help-lower-your-tax-bill - MoneySense To take the sting out of the taxman’s bite, consider implement one or more capital gains tax strategies to help minimize what you pay on those earnings

The IRS stats are in: Here is how tax refunds look compared to last year
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We offer Accounting, Taxation & Business Consulting services. Visit us on www.mypartnersllp.ca for more information.

The IRS stats are in: Here's how tax refunds look compared to last year The average tax refund check is $2,725, down 2% from last year, according to the IRS. While those numbers aren't all that different from 2018, CPAs warn that refunds only tell part of the story — plenty of clients were surprised by their outcomes. What you should know.