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We continue to address updates and new developments regarding the tax filing deadline extensions for the following states and the District of Columbia

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, contains provisions related to taxation of employee benefits, compensation and wages, including employee retention credits.

The rapid spread of the coronavirus throughout the world is clearly having a devastating impact on families, businesses and the economy in the U.S. and abroad.

In response to opportunities presented by the recently enacted CARES Act, businesses conducted in C Corporation form should immediately check whether they qualify for a “quick refund” of overpaid federal corporate estimated income tax applied to the 2019 tax year.

Last night, the Treasury Department issued the Interim Final Rule (Interim Guidance) containing clarifying and additional guidance related to sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act), as well as a final Borrower Application Form for the Paycheck Protection Program (PPP) loan.

Three million Americans filed for unemployment insurance between March 14 to March 21, 2020.

Recent IRS notices and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contain many provisions related to taxation of individuals.

The CARES Act provides federal support to small businesses and employees affected by the COVID-19 pandemic. One of the important provisions of the Act is the Paycheck Protection Program (PPP) which contains a potentially forgivable loan to businesses provided that they meet certain criteria as discussed in this newsletter.

What is clear from the recent pandemic events is that existing retirement plan structures are not adequate for government, business or for workers.

As the nation copes with economic and legislative changes brought on by COVID-19, companies are analyzing their workforce and have either already made changes, or will be looking to make changes shortly.

As everyone deals with the impact of the Covid-19 pandemic, business owners need to adjust priorities, reevaluate all aspects of their business, refine messaging and, yes, also plan for the recovery because it will come.

With the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act, the federal government recognized that many individuals and families were struggling and had an immediate financial need to help cover lost wages.