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CARES Act Provides More Tax Relief

Posted 4:15 PM by
Just before midnight on March 25, the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation, which would provide $2.2 trillion in economic relief to businesses and individuals affected by the COVID-19 pandemic, is now headed to the House for a vote.
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Accessing SBA’s Disaster Relief Loans as a Result of COVID-19: KSM Can Help

Posted 2:44 PM by
The U.S. Small Business Administration (SBA) is offering states and territories low-interest federal disaster loans for working capital issued in amounts ranging from $25,000 up to $2 million to small businesses and not-for-profit organizations suffering substantial economic injury as a result of the coronavirus (COVID-19) outbreak.
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KSM COVID-19 Update to Clients and Friends

Posted 3:00 PM by
With both the states of Indiana and New York under executive orders to “stay-at-home,” our physical offices in Indianapolis and Fort Wayne are closed, with the exceptions noted below. Our New York City office will be closed until further notice. However, we are fully operational and ready to serve you, thanks to the technology infrastructure KSM has in place.
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Transportation Webinar: Financial Navigation in Uncertain Times

Posted 5:45 PM by
The global COVID-19 pandemic has created uncertainty for companies in all industries. With fluid changes to regulations and the creation of new critical business objectives to deliver medical supplies and consumer necessities, the business of trucking has taken an unexpected turn. How does this new reality impact your company?
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IRS Issues Preliminary Guidance for Claiming New Payroll Tax Credits Provided by Families First Coronavirus Response Act

Posted 12:01 PM by
On March 20, the IRS, the Treasury Department, and the Labor Department announced preliminary guidance for claiming the new payroll tax credits provided under the Families First Coronavirus Response Act.
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IRS Extends Tax Filing Deadline to July 15

Posted 12:00 PM by
On March 20, the IRS extended the federal income tax filing deadline to July 15, in order to provide tax relief to those affected by the COVID-19 pandemic. This means that individuals, trusts, estates, corporations, and other non-corporate tax filers, including those who pay self-employment tax, will now have until July 15 to both file their tax returns and make tax payments.
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Indiana Formally Extends Tax Filing and Payment Deadlines, Offers Penalty Relief

Posted 4:01 PM by
Yesterday, the Indiana Department of Revenue announced important income tax filing and payment extensions related to upcoming deadlines. The April 15 deadline for returns and estimated payments has been extended to July 15, 2020. In addition, Gov. Holcomb signed a number of executive orders geared towards providing economic relief, including late payment penalty waivers for the spring property tax installment payments.
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Navigating the COVID-19 Crisis: Business Tools and Resources

Posted 6:35 PM by
New information on COVID-19 is dispatched daily – sometimes hourly – from federal, state, and local authorities, and it is challenging for businesses to keep up. To help our clients and friends cut through the clutter, we have compiled a list of resources designed to help navigate this crisis, mitigate the financial effects, and manage day-to-day operations. Some of these resources are available and can be leveraged immediately. For those still being formalized, rest assured we are keeping a close eye on development.
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Families First Coronavirus Response Act Is Signed Into Law

Posted 11:45 PM by
President Trump signed the Families First Coronavirus Response Act into law March 18, providing additional economic relief to those affected by the COVID-19 pandemic. The Act contains provisions for paid leave for employees, tax credits for business owners, COVID-19 testing, unemployment insurance, and additional funding for government programs. The new law will be effective no later than April 2.
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IRS Formally Extends Tax Payment Deadline

Posted 10:34 PM by
On March 18, the Internal Revenue Service issued Notice 2020-17, which provides additional details and important clarifications related to the extended tax payment deadline. In particular, the notice clarifies that the extended tax payment deadline applies to both 2019 balance-due payments and 2020 estimated income tax payments that are due April 15, 2020. The notice also formally extends the payment due date to July 15, 2020.
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