Tax Legislation
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President Trump’s action to defer payroll taxes: What does it mean for your business?
- August 20, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
No CommentsOn August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in the future.
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IRS guidance provides RMD rollover relief
- July 2, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
IRS guidance provides RMD rollover relief The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the
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PPP borrowers get concessions, additional guidance on forgiveness
- June 8, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020, release of an interim final rule from the U.S. Department
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SBA extends the PPP repayment deadline for self-certification
- May 7, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020. Companies that repay their loans by that date preempt the possibility of
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The CARES Act liberalizes net operating losses
- May 5, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis. NOL deductions You may be able to benefit
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Interim Stimulus Plan: Congress expands small business COVID-19 relief
- April 24, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
Congress recently passed the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted in late March. Among other things, it
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IRS extends some (but not all) employee benefit plan deadlines
- April 24, 2020
- Posted by: Jason Schilling
- Category: Audits, COVID-19 Updates, Tax, Tax Legislation
The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before July 15, 2020. It extends
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IRS Issues Clarification FAQs for deferred employer tax deposits and payments allowed by the CARES Act
- April 17, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
The IRS has clarified several details regarding the deferral of Employer’s Social Security tax, a provision included in the CARES (Coronavirus Aid, Relief, and Economic Security) Act enacted March 27, 2020. The payroll tax deferral period begins on March 27, 2020 and ends December 31, 2020. This list of frequently asked questions provides much-needed clarification
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The IRS announces new COVID-19-related assistance for taxpayers
- April 13, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional
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The SBA launches the Paycheck Protection Program
- April 8, 2020
- Posted by: Peter Maddalena
- Category: Business Management, COVID-19 Updates, Tax, Tax Legislation
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) allocates nearly $350 billion to a new lending program through the Small Business Administration (SBA), aimed at helping employers cover their payrolls during the coronavirus (COVID-19) pandemic. The loans under the Paycheck Protection Program (PPP) are subject to 100% forgiveness if certain criteria are satisfied,
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