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The Paycheck Protection Program, or PPP, was great news for business owners who needed a lifeline when the COVID-19 pandemic began sweeping the United States. The key benefit of the PPP is the opportunity for federal loans to be forgiven if certain conditions are met. But the program was enacted so quickly that some details … Continued

By Jim Rice, CPA, and Christopher Davis, CPA As we all try to deal with the COVID-19 crisis, several economic relief programs have gotten a lot of attention but still call for a closer look due to their complexity. Cases in point: The Paycheck Protection Program (PPP), and the Small Business Administration’s Economic Injury Disaster … Continued

WASHINGTON — To help taxpayers, the Department of Treasury and the Internal Revenue Service announced on April 9 that Notice 2020-23 (PDF) extends additional key tax deadlines for individuals and businesses. In March, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No … Continued

If you’re an employer and concerned about helping your employees get through the COVID-19 crisis, there’s a tax-deductible way to do it that is also non-taxable to your employees. Congress passed IRC section 139 in 2002 in response to the 9/11 attacks. The law enables employers to make relief payments to employees in a federally … Continued

Many of you operate businesses based in Texas. We want to make sure you are aware that the Texas franchise tax return and related payment due date has been changed from May 15, 2020 to July 15, 2020. The extension is automatic, so nothing needs to be filed to take advantage of the change. More … Continued

The U.S. Department of Labor’s (DOL’s) Wage and Hour Division published new workplace posters on March 25. Small and midsize employers (fewer than 500 employees) and certain public sector employers can use these posters to fulfill their obligations to notify employees of their rights to expanded paid sick leave and expanded paid Family and Medical … Continued

Last Friday, the president signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Among many other provisions included within the act, $349 billion in loans will be available for small businesses. Here are a few of the key highlights of the legislation: Paycheck Protection Program Small businesses will be eligible to … Continued

The federal government’s efforts to relieve some of the financial pain brought on by the COVID-19 pandemic includes passage of the CARES (Coronavirus Aid, Relief, and Economic Security) Act, which was signed into law by the president today. Like many pieces of federal legislation, the Act is a massive document with a lot to digest, … Continued

Below is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain caused by COVID-19 (commonly referred to as coronavirus). We’ll post summaries of additional developments as they take place. Filing and payment deadlines deferred After briefly offering more limited relief, the IRS almost … Continued