Coronavirus Relief Package allows PPP expense deduction
Congress has agreed to a deal to provide more aid to businesses and individuals as a result of the ongoing coronavirus pandemic. As of this writing, the package has not been formally approved, but one of the most significant provisions for business owners is that eligible expenses used with forgiven Paycheck Protection Program funds would […]
IRS: Employers to repay deferred payroll tax
The IRS issued guidance at the end of August regarding deferral of the employee’s portion of Social Security tax as described in President Trump’s August 8 Presidential Memorandum. The Presidential Memorandum deferred the employee’s portion of Social Security taxes from September 1, 2020, through December 31, 2020. The president’s move was made in reaction to the ongoing coronavirus […]
Paycheck Protection Plan Program FAQs
The U.S. Treasury Department is continuing to update its frequently asked questions about the PPP program. You can find those here: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
Tax filing deadline extended until July 15
President Trump announced today that the April 15 individual tax filing deadlines will be extended until July 15 in light of the disruption from the coronavirus pandemic. Earlier this week, Treasury Secretary Steven Mnuchin announced the tax payment deadline would be extended 90 days. Now, as a result of this most recent news, both the tax […]
IRS reform law aims to improve customer service and taxpayer security
On July 1, President Trump signed into law the Taxpayer First Act of 2019, which changes the management and oversight of the IRS with the aim of improving customer service, including the process for filing appeals, as well as modernizing its technology. Many of the provisions will take effect as of July 1, 2019, although […]
