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Tax Articles

 

IRS Releases FAQs Regarding July 15, 2020, Postponed Income Tax Filing, and Income Tax Payment Date

IRS Releases FAQs Regarding July 15, 2020, Postponed Income Tax Filing, and Income Tax Payment Date

Posted by Cheryl A. Jankowski on April 01, 2020

On March 24, 2020, the IRS posted frequently asked questions to provide additional clarification and guidance regarding the application of its relief guidance. Here is a summary of those FAQs.

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President Trump Signs Into Law CARES Act

President Trump Signs Into Law CARES Act

Posted by Mark Janulewicz on March 28, 2020

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19.

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SBA Disaster Assistance in Response to the Coronavirus – Low-Interest Loans

SBA Disaster Assistance in Response to the Coronavirus – Low-Interest Loans

Posted by Michē Needham on March 25, 2020

In response to the novel coronavirus (COVID-19) pandemic affecting the small business community across the country, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury.

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IRS Releases Updated Covid-19 Relief – Now Extending Filing Date And Payment

IRS Releases Updated Covid-19 Relief – Now Extending Filing Date And Payment

Posted by Mark Stack on March 25, 2020

On March 20, 2020, the Internal Revenue Service released Notice 2020-18, its second round of formal guidance – this time expanding its earlier guidance (Notice 2020-17) by including relief to taxpayers for both federal income tax returns and federal income tax payments which would be due April 15, 2020.

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IRS Outlines Procedures for Payroll Tax Credits and Rapid Refunds for Employers Making Federally-Mandated Covid-19 Leave Payments

IRS Outlines Procedures for Payroll Tax Credits and Rapid Refunds for Employers Making Federally-Mandated Covid-19 Leave Payments

Posted by Mark Janulewicz on March 25, 2020

The IRS has just clarified that employers can subtract the cost of the new mandated paid leave (plus the cost of keeping affected employees' health care coverage in place during that leave) from any payroll taxes that are otherwise due to the IRS.

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How Manufacturers Can Navigate the Novel Coronavirus’ Supply Chain Impacts

How Manufacturers Can Navigate the Novel Coronavirus’ Supply Chain Impacts

Posted by Jonathan Roller on March 25, 2020

The novel coronavirus crisis has struck a serious blow to the manufacturing industry, which was already battling trade policy turbulence, a slowdown in global manufacturing growth and broader economic uncertainty.

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How To Determine If An Employer Has “Fewer Than 500 Employees” For COVID-19 Federal Paid Sick And Family Leave Mandates

How To Determine If An Employer Has “Fewer Than 500 Employees” For COVID-19 Federal Paid Sick And Family Leave Mandates

Posted by Brian Kern on March 24, 2020

The Families First Coronavirus Response Act (H.R. 6201) became law on March 18, 2020. Among other things, the Act requires employers with “fewer than 500 employees” to provide two new benefits: (1) federal emergency paid sick leave and (2) federal emergency paid family and medical leave (FMLA). As a result, employers need to know immediately how to determine if they have “fewer than 500 employees.”

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Help New York State by Manufacturing Products

Help New York State by Manufacturing Products

Posted by Cory Van Deusen V on March 23, 2020

New York State is doing all it can to keep New Yorkers safe and stop the spread of COVID-19, but we’re stronger if we all work together.

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US Small Business Administration Fact Sheet - Economic Injury Disaster Loans

US Small Business Administration Fact Sheet - Economic Injury Disaster Loans

Posted by Michē Needham on March 23, 2020

Economic Injury Disaster Loans (EDLs) are available through the US Small Business Administration (SBA). The SBA has created a fact sheet on who can apply for these loans and details on the loans.

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SBA Disaster Assistance in Response to the Coronavirus

SBA Disaster Assistance in Response to the Coronavirus

Posted by Cory Van Deusen V on March 23, 2020

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). 

For more information from the U.S. Small Business Administration, visit their website.

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