COVID-19 RESOURCESWe understand every day something new is happening which impacts you, your taxes, your employees and business. Our goal is to provide a source of credible and current information. LATEST UPDATE AS OF JANUARY 20213 Qualifications for Round 2 of PPP Funding
LATEST UPDATE AS OF AUGUST 2020Great News - Clarity on PPP Loan Forgiveness - and It's Easy Five Answers to Questions Related To Spending PPP On You and Your Employees LATEST UPDATE AS OF JULY 22, 2020Cares Act RMD Waiver - Must Take Action Before August 31, 2020 LATEST UPDATE AS OF JULY 9, 2020LATEST UPDATE AS OF JUNE 29, 2020
LATEST UPDATE AS OF JUNE 19, 2020PPP Guidelines Update as of June 15, 2020 LATEST UPDATE AS OF JUNE 9, 2020LATEST UPDATE AS OF MAY 20, 2020PPP Loan Forgiveness Application LATEST UPDATE AS OF MAY 1, 2020PPP Loan Forgiveness Isn't Income But Expenses Paid with Proceeds Not Deductible LATEST UPDATE AS OF APRIL 20, 2020IRS Update to Get My Payment Questions and Access to the Too
LATEST UPDATE AS OF APRIL 20, 2020IRS Update to Get My Payment Questions and Access to the Tool Overview, Determing, How To's & Special Issues for Tax & Leave Credits LATEST UPDATE AS OF APRIL 15, 2020ALERT: Scammers are Working Overtime - Be Alert and Read More Key Points for Self-Employed Summary SBA PDF with Full Detail of Self-Employed CARES Act Clarification About Deferral of and Changes to Excess / Limits on Business Losses Small Business CARES and FFA Comparison Chart LATEST UPDATE AS OF APRIL 13, 2020IRS Notice 2020-23 has extended virtually ALL federal tax returns, information returns & other filing obligations originally due on or after April 1, 2020 and before July 15, 2020 to the new filing due date of July 15th, 2020. This includes: Form 1040 – 2nd Quarter estimated tax payment originally due 6/15/20 Both calendar year & fiscal year corporate returns Form 1120 Calendar year corporate tax payments originally due before 7/15/20 Attached information returns (international such as 5471,5472, 3520, etc.) Forms 1040NR originally due 6/15/2020 And the list goes on. For a more complete list, see the IRS Notice 2020-23 see:
https://www.irs.gov/pub/irs- LATEST UPDATE AS OF APRIL 6, 2020Paycheck Protection Program (PPP) Information Sheet Paid Sick Leave & Family Leave Guidance Emergency Loan Program Comparison Chart - EIDL vs PPP LATEST UPDATE AS OF APRIL 3, 2020Rebate Checks for Individuals Matrix Rebate Checks for Individuals Qualifications Matrix Texas Guidance for First Quarter 2020 Tax Filing U.S. Expatriate Filing Deadline Social Security Recipients Will Automatically Receive Economic Impact Payments CRITICAL DATESTax Filing Deadline moved to July 15, 2020 Tax Payment Due Dates delayed to July 15, 2020 IRS Filing & Payment Deadline Questions and Answer
The Families First Coronavirus Relief Act (FFCRA) Tax ConsiderationThe CARES Act is a $2 trillon reflief package. It is over 900 pages of new law impacting your individuals and business taxation. Tony Nitti, CPA at Forbes has written an excellent summary via this link on topics such as:Employee Retention Credit - Paying your employees while your business is closed Depreciation Fix for Qualified Improvement Property Penalty Free Retirement Fund Withdrawls Changes to Charitable Contributions Exclusions Related to Education Expenses & Loans Rule Changes to Net Operating Loss Small Business Loans Paycheck Protection Loans Loan Forgiveness of Paycheck Protection Loans Emergency Government Disaster Loans & Grants
EMPLOYER INFORMATION & RESOURCES
Small businesses and sole proprietorships affected by the coronavirus pandemic can apply for loans under the federal Paycheck Protection Program (PPP) beginning Friday, April 3. Find links to application and additional information.
The Families First Coronavirus Relief Act (FFCRA)
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