As a result of COVID-19, businesses of every size are struggling to determine cash flow in the short and long term. Facing the biggest liquidity challenge of our lifetime to date, and with economies essentially shutting down over much of the globe, small businesses in particular are faced with...
Read MoreLate in the evening on Friday March 27, the IRS issued Notice 2020-20 as an update to Notice 2020-18, regarding income tax filing relief for taxpayers affected by the ongoing COVID-19 pandemic. This is the third notice Treasury has issued to provide relief for various taxpayers with a filing...
Read More** This blog was updated on 4/3/20 as a result of changes made by the CARES Act ** The Paycheck Protection Program included in the expansion of the SBA 7(a) loan program is designed to allow forgiveness of small business loans that help keep employees on the payroll and help small businesses...
Read More** This blog was updated on 3/28/20 as a result of the IRS issuing Notice 2020-20 regarding federal gift tax and generation-skipping transfer (GST) tax filings ** Due to the economic interruptions caused by the COVID-19 pandemic, the IRS issued Notice 2020-18 to automatically postpone the April...
Read MoreApplicants for the Small Business Association’s (SBA) Economic Injury Disaster Loan Program (7(b)(2)), related to disruptions caused by COVID-19, have to look at certain areas of the business to determine if they are a “small business concern” eligible for this program. Below is...
Read More** This blog was updated on 4/6/20 as a result of changes made by the CARES Act **The SBA Economic Injury Disaster Loan (EIDL), or 7(b)(2) loan, offers relief for qualifying small businesses of up to $2 million with up to 30 years to repay the debt and is focused on helping small businesses...
Read MoreOn Friday, March 20, 2020, the IRS issued Notice 2020-18 in response to Treasury Secretary Mnuchin’s announcement that the filing deadline for returns due April 15, 2020, would be moved to July 15, 2020. Notice 2020-18 expands the relief provided to taxpayers earlier in the week by...
Read MoreOn March 20, 2020, Treasury Secretary Mnuchin announced that the deadline for filing income tax returns for persons with returns due on April 15, 2020, has been moved to July 15, 2020. No action on the part of the tax filer is required. President Trump confirmed this change in the deadline during...
Read MoreTo combat the negative financial effects of the COVID-19 pandemic on working Americans, President Trump signed into law The Families First Coronavirus Response Act. In addition to multiple provisions aimed at expanding protections for employees who cannot work due to the COVID-19 virus, the Act...
Read MoreOn Wednesday, March 18, 2020, the IRS issued Notice 2020-17 to permit a deferral of certain federal tax payments due on April 15, up to a limit. The general framework had been described on March 17 by Treasury Secretary Steven Mnuchin at a White House COVID-19 press conference, but the final...
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