Forgivable Small Business Loans – How the $2 Trillion Stimulus Bill Can Help You

As business owners struggle with the effects of the coronavirus epidemic, Congress is on the precipice of enacting landmark legislation aimed at keeping the economy afloat over the next several months.

IRS Issues Tax Extension Guidance for Taxpayers

On March 13, 2020, the President of the United States issued an emergency declaration under the Stafford Disaster Relief and Emergency Assistance Act in response to the ongoing Coronavirus Disease pandemic.

Tax Filing Deadline Extended 90 Days

This morning, the US Treasury Secretary stated “We are moving Tax Day from April 15 to July 15” on Twitter. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

Tax Developments: Payment Deadline Changes and New Legislation

Late Wednesday afternoon, Treasury released Notice 2020-17, which defined the previously discussed payment extensions. Tax payments due April 15, 2020, including both 2019 income tax payments and 2020 estimated income tax payments, are postponed until July 15, 2020. 

Deferral of Tax Payments

On March 17, 2020, Secretary of Treasury Steve Mnuchin announced the IRS will allow taxpayers to delay federal tax payments for 90 days after their due dates. This delay is both interest and penalty-free. For individuals, they can defer up to $1,000,000 of taxes owed

2020-10-05T10:43:30-04:00March 17, 2020|Categories: COVID Federal & State Updates, PBMares COVID-19 Insights, Tax: Individual|

Proposed Coronavirus Emergency Leave: Impact on Employers

On Friday the House of Representatives passed H.R. 6201, the Families First Coronavirus Response Act.  The legislation will be voted on by the Senate this week.  This act has bi-partisan support and is expected to pass quickly.  Once enacted, this bill has implications for many of our clients.

Extending the Deadline to Pay but not for Filing

Taxpayers are likely wondering why the federal government is extending the time to pay taxes, but not extending the time to file taxes.   Filing an extension is an easy process and can be done very easily by practitioners electronically through their tax software. 

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