On the heels of the announcement regarding the Interim Stimulus Plan — which amends the CARES Act and offers more funding for both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program — the SBA issued new guidance on April 24, 2020, clarifying certain...
Read MoreIn light of the COVID-19 pandemic, states continue to offer tax return filing and payment deferrals as well as other assistance measures, including employee retention and loan/financial assistance programs. Below highlights Pennsylvania’s efforts. To learn more about relief efforts...
Read MoreThe Coronavirus Aid, Relief, and Economic Security (CARES) Act allows eligible employers to delay payments of employer payroll taxes for the duration of 2020. However, employers that receive an SBA Paycheck Protection Program 7(a) loan are ineligible for this deferral if and when that loan is...
Read MoreOn April 9, 2020, the Treasury released Notice 2020-23, further expanding the tax filing and payment relief previously provided to taxpayers in Notices 2020-18 and Notice 2020-20. The most discussed portion of Notice 2020-23 may be the postponement of estimated tax payments due on or after April...
Read MoreRead "CARES Act Offers 14 Areas of Potential Tax Relief for Taxpayers"While the Paycheck Protection Program included in the CARES Act is geared toward loan forgiveness for small businesses, there are also alternative standards that may allow companies with more than 500 eligible...
Read MoreIn an effort to provide employers with additional liquidity, IRS Notice 2020-22 relieves certain employers from penalties associated with not depositing employment taxes — allowing them to retain cash that otherwise would have been used for withheld income taxes, FICA taxes and railroad...
Read MoreOn March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) providing significant relief to those impacted by the pandemic. Below is a summary of the major tax provisions within the Act.1. SBA 7(a) Forgivable Loan Expanded (Payroll Protection...
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 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 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...
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