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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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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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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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Treasury Extends Tax Payment Deadline Beyond April 15

Posted 6:47 PM by
On March 17, Treasury Secretary Steven Mnuchin announced changes to the tax payment deadline for individuals and corporations due to the COVID-19 outbreak. However, the tax filing deadline of April 15 remains unchanged at this time.
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COVID-19 Economic Relief Update: IRS Notice 2020-15 and Families First Coronavirus Response Act

Posted 2:02 PM by
Katz, Sapper & Miller continues to monitor IRS guidance and Congressional legislation that impacts our clients. Two recent developments include the issuance of IRS Notice 2020-15, which relates to testing and treatment of COVID-19, and the proposed Families First Coronavirus Response Act, which provides economic relief for those affected by COVID-19.
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Possible Delay to April 15 Tax Deadline

Posted 5:23 PM by
Last night, President Trump announced that he will instruct the Treasury Department to allow certain individuals and businesses negatively impacted by coronavirus to defer tax payments beyond the April 15 deadline. Currently, there are no further details available, but rest assured that we are monitoring the situation.
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IRS Updates Business Meals and Entertainment Guidance

Posted 6:45 PM by
On Feb. 21, the IRS released proposed regulations on the treatment of meals and entertainment expenses based on the modifications imposed when the Tax Cuts and Jobs Act (TCJA) was passed into law. The proposed regulations primarily serve to reinforce and clarify the rules previously established in the TCJA and IRS Notice 2018-76. This article addresses some of the key provisions and considers the impact on businesses.
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