The straight line

States Tax Treatment of the SBA PPP Loan Forgiveness Program under the CARES Act – Cristina Bucksbaum, Senior Tax Manager

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. ...

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Retirement (CARES Act) – Cristina Bucksbaum, Senior Tax Manager

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...

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Payroll: Relief from Penalty from Failure to Deposit Employment Taxes – Cristina Bucksbaum, Senior Tax Manager

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...

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