As you know, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27th, 2020. Part of this law provided aid to businesses in the form of Payroll Protection Program (PPP) loans; which were intended to be forgivable to the extent that these loans were utilized for certain payroll-related costs....

On April 9th, the Federal Reserve launched a $600 billion lending program to help small and medium sized businesses deal with the economic crisis due to the COVID-19 pandemic.   There are two types of loan programs under the Main Street Lending Program.  They are the Main Street New Loan Facility and the Main Street Expanded...

The Paycheck Protection Program is designed to be a forgivable loan if certain conditions are met.  The forgiveness of debt shall be excluded from gross income for federal income tax purposes as expressed by the federal government in the CARES Act. Currently, states have not given guidance regarding tax treatment regarding SBA PPP forgivable loans. ...

Due Dates for Contributions to Retirement Plans The deadline for making contributions to an IRA, or for an employer to make contributions to its workplace-based retirement plan on account of 2019, is extended to July 15, 2020. Tax-Favored Withdrawals from Retirement Plans   Coronavirus-related distributions from eligible retirement plans are not subject to the 10% excise...

Relief from Penalty from Failure to Deposit Employment Taxes Notice 2020-22 The IRS provides employers relief from the “failure to deposit” penalty imposed by IRC § 6656 for an employer’s failure to timely deposit employment taxes, to the extent that the amounts not deposited are equal to or less than the amount of refundable tax...

Trying to stay on top of all the changes to tax law regarding the impact of the COVID-19 has become a daunting task. Those of us on the front lines of this effort to keep you all up to date and in the loop are dedicated to keeping you informed. The focus of this update...