ppp loan

Paycheck Protection Program Application Window Extended

July 7, 2020

On July 4, President Trump signed the “PPP Extension Act”, a bill to re-open the application window for the Paycheck Protection Program (PPP). The new deadline to apply for a PPP loan is August 8, 2020. The additional five weeks gives small businesses the opportunity to apply for relief through the federal loan program. The…

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tax faqs

FAQs Addressing Tax Balances Due and Payment Options

July 2, 2020

As part of its People First Initiative, the IRS has posted frequently asked questions to its website on tax balances due and payment options. Will the IRS forgive taxpayers’ tax debts? No. The IRS will not forgive taxpayers’ tax debts and balances will continue to accrue penalties and interest during the relief period (April 1,…

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employee benefit plans cpa

Relief for Safe Harbor 401(k) Plans

July 1, 2020

The IRS is providing temporary relief, due to the Coronavirus pandemic, to certain requirements for mid-year amendments to a safe harbor 401(k) or 401(m) plan. IRS Notice 2020-52 expands the ability of an employer to adopt an amendment that that reduces or suspends safe harbor contributions or reduces contributions for highly compensate employees. Midyear Reductions…

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tax deadline

Haven’t Filed Your Taxes Yet? July 15 Tax Deadline Will Not Be Extended

June 30, 2020

The IRS and Treasury Department will not be extending the tax filing and payment deadline for a second time and the deadline will remain July 15, 2020, according to an IRS announcement. Individuals that need more time can request an automatic extension to file that will give them until October 15, 2020 to complete their…

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paycheck protection program

What Small Businesses Should Know About the Paycheck Protection Program and Other SBA Loans

June 29, 2020

The SBA offers Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDLs) to small businesses impacted by the Coronavirus pandemic. Eligible small businesses may apply for the PPP in addition to other SBA loans, such as section 7(a) loans or EIDLs, but there are important considerations you should know. If you receive both a…

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tax refunds

Interest Payments on Tax Refunds from the IRS

June 26, 2020

Taxpayers that will receive, or have already received, their tax refunds after April 15, 2020 will get interest payments from the IRS. According to a statement issued by the IRS, individuals that file their 2019 tax returns before the July 15, 2020 deadline and are issued their refund after April 15, 2020 will earn interest…

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