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On-Demand Webinar: CARES Act: Tax Provisions Explained Webinar

Posted 4:15 PM by
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides sweeping economic relief to businesses and individuals. Included in that relief is a collection of tax provisions designed to incentivize employee retention, help maintain cash flow, and put money into the hands of individual taxpayers.
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Employers Can Provide Tax-Free Qualified Disaster Relief Payments to Employees

Posted 10:15 PM by
America’s workforce is reeling from the impact of the COVID-19 outbreak, but employers can help mitigate the effects through tax-deductible qualified disaster payments to employees. These payments are available under Internal Revenue Code Section 139, which was enacted after the Sept. 11 attacks. When President Trump invoked the Robert T. Stafford Disaster Relief and Emergency Assistance Act on March 13, Section 139 became active, making these qualified disaster payments excludable from employees’ gross income.
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COVID-19 Resources and Strategies for the Real Estate Industry

Posted 8:42 PM by
The real estate industry entered 2020 with full momentum and high expectations. Since COVID-19 has come onto the scene, the pendulum has swung in the opposite direction. What developers, investors, and managers do now to mitigate risk and limit damages is critical.
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International Tax Updates in Response to the COVID-19 Emergency

Posted 5:15 PM by
It has been a tumultuous few weeks for the United States (and around the world) as we continue to deal with the ongoing COVID-19 emergency. There have been many questions from taxpayers who are wondering how to move forward, specifically regarding how and when to file their 2019 tax returns.
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Payroll Credits and Deferral Options Provide Much Needed Relief

Posted 7:00 PM by
The initial uncertainties brought by the outbreak of COVID-19 are now manifesting themselves in the business community as cash flow issues, financing pressure, and even threats to business continuity. To help mitigate the economic impact of this crisis, the federal government has provided payroll relief options that businesses can and should leverage when possible, including payroll tax credits and the option to delay payment of certain payroll taxes.
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New York Formally Extends Tax Deadlines; New York City Offers Penalty Relief

Posted 5:00 PM by
The New York State Department of Taxation and Finance (DOTF) has 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, for individuals, estates, trusts, and corporations. Although the DOTF has not specified, this presumably includes any estimated payments made by partnerships or S corporations on behalf of nonresident individuals or corporations. KSM will continue monitoring this issue and provide updates as they are issued.
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CARES Act Introduces Forgivable Loans With Paycheck Protection Program

Posted 6:30 PM by
On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. While the sweeping legislation introduces a multitude of significant measures, the Paycheck Protection Program is a lifeline for small businesses, injecting capital when they need it most. However, the hallmark of the program is that the loans can be partially or fully forgivable, provided certain criteria are satisfied.
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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 (via IR 2020-57) for claiming the new payroll tax credits provided under the Families First Coronavirus Response Act. The Treasury Department subsequently released FAQs on March 31, providing further guidance on the implementation of these payroll tax credits, which have an effective date of April 1, 2020.
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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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