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In IRS Notice 2020-23 issued earlier this month, the Internal Revenue Service announced that the federal income tax filing and payment due date is automatically postponed to July 15, 2020 if it was due on or after April 1, 2020, and before July 15, 2020.

Recently, Governor Cuomo signed into law the New York State (NYS) Fiscal Year 2020-2021 Budget Bill (Bill) which did not increase taxes but, importantly, decoupled from many of the favorable federal Coronavirus Aid, Relief, and Economic Security (CARES) Act provisions. Discussed below are the Bill’s major highlights.

The U.S. Chamber of Commerce Foundation just announced a new grant program (called the “Save Small Business Fund”) opening today at 3:00 […]

Our clients and others all want to understand how to determine the amount of loan forgiveness they will qualify for under the CARES Act (the Act) Paycheck Protection Program (PPP) so they can make decisions about staffing, pay rates and the timing of payments.

On April 16, 2020, the Small Business Association announced that the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs were out of funds.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act introduced several changes to the limitations on business interest expense deductions under Internal Revenue Code (IRC) §163(j).

Under the Economic Impact Payment stimulus, taxpayers who filed tax returns for either 2018 or 2019 tax years will receive a payment up to $1,200 for individuals or $2,400 for married couples.

This article is part of a continuing series updating our clients regarding the effects on state tax filings due to COVID-19.

The spread of the coronavirus has forced governments across the globe to enact far-reaching stimulus measures in an attempt to blunt the unfolding economic slowdown.

n a previous Thought Leadership article (see CARES Act – Income Tax Refund Opportunities for Corporations), we analyzed two provisions contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748).

The nation waited anxiously to see what the legislative response to the coronavirus would be and even the most optimistic observers were not disappointed.

On April 9, 2020, the Department of Treasury and the Internal Revenue Service issued Notice 2020-23 updating Notice 2020-18-Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic which automatically postponed filing federal income tax returns and making federal income tax payments to July 15, 2020.