IRS Won't Postpone July 15 Filing and Payment Deadline: The IRS has announced that the tax filing and payment deadline of 7/15/20 won't be postponed. Individual taxpayers unable to meet the deadline should file Form 4868 by 7/15/20 to obtain an automatic extension to 10/15/20. The...
Guidance Released for Plan Distributions and Loans for COVID-19 Victims: The IRS has provided guidance relating to section 2202 of the CARES Act, which allows qualified individuals to receive favorable tax treatment with respect to distributions from eligible retirement plans that are coronavirus-related distributions. A coronavirus-related...
The IRS has provided tax relief to Qualified Opportunity Funds (QOFs) and their investors in response to the ongoing COVID-19 pandemic. Specifically, if a taxpayer's 180th day to invest in a QOF would have fallen on or after 4/1/20 and before 12/31/20, the taxpayer now...
The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020, release...
Hello Vertical Advisors (VA) Clients & Friends: This morning listening to the news, I heard that the jobs report showed 3MM job added. That is great! In listening to the news but more importantly speaking with our clients, everyone seems ready to open and or get...
If you received a PPP loan, please make sure you read the PPP Loan Forgiveness rules, and contact if you need assistance. We felt the US Chamber of Commerce Guide was well written. You can view it at https://www.uschamber.com/report/guide-ppp-loan-forgiveness If you have questions, or need assistance...
If you haven’t received your CARES Act taxpayer stimulus payment go to “Get My Payment” website at https://www.irs.gov/coronavirus/get-my-payment and enter your direct deposit information to order to receive an electronic economic impact payment. This is needed by noon on Wednesday, May 13, 2020. As a reminder,...
The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC)....
The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020. Companies that repay...
Proceeds that are forgiven will generate reduced income tax deductions. The IRS has just released IRS Notice 2020-32 that informed the public if a taxpayer requests and is approved some or all of the PPPL to be forgiven, then that amount that we used for expenses...