Forgivable Loans – Payroll Protection Program Loans under the CARES Act

by Gregory S. Dowell March 31, 2020 Important Information for Business Owners and Nonprofits The Coronavirus Aid, Relief, and Economic Security Act (CARES) that was passed into law over the past weekend contains provisions that affect income taxes for individuals and businesses, as well as paid leave and unemployment benefits.  CARES also included $350 billion…

Families First Coronavirus Response Act – Passed March 18, 2020

by Gregory S. Dowell March 19, 2020   The President signed the Families First Coronavirus Act (HR 6201, the “Act”) intended to ease the economic consequences stemming from coronavirus (COVID-19) by providing family and medical leave, and sick leave, to employees.  The Act further provides tax credits to employers and self-employeds providing the leave. The…

IRS Provides Extension for Federal Income Tax Payments That Would Be Due on April 15th – Tax Returns Must Either Be Filed or Extended

Gregory S. Dowell March 18, 2020 In IRS Notice 2020-17: Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, the IRS has provided tax payment relief for any person with a federal income tax payment due April 15. For an affected taxpayer, the due date for making federal income tax payments usually due April 15,…

90-Day Deferral to Pay in Some Cases – US Treasury Secretary Mnuchin Came So Close to Doing the Right Thing

by Gregory S. Dowell March 17, 2020   At least we know the US Treasury has finally thought about the burden that COVID-19 has placed on taxpayers and tax preparers, although it’s very puzzling why the Treasury Secretary didn’t go further with relief plans and has willingly continued to put more Americans at risk.  During…