On 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 More** This blog was updated on 6/8/20 as a result of new guidance from the Federal Reserve and the Treasury ** On April 9, 2020, the Federal Reserve introduced the Main Street Lending Program, aimed at providing expanded relief for small and medium sized businesses as part of the CARES Act. This...
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 More** This blog was updated on 4/16/20 to reflect May IRS minimum interest rates ** Prior to a few weeks ago, the economy was humming along for most industry sectors; businesses were growing revenue and earnings; and market multiples were strong. Due to the global COVID-19 pandemic, the past few...
Read MoreAs 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...
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