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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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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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Managing Cash Flow in Times of Uncertainty

Posted 8:00 PM by
The unprecedented events in response to the COVID-19 pandemic are impacting every business in complex ways. Maintaining adequate cash flow to sustain successful operations is likely to elevate as a significant risk for many companies. However, there are tried-and-true processes that can help identify a potential cash crunch and maximize critical reaction time to avoid or minimize business interruption.
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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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COVID-19 Considerations for Veterinary Hospitals

Posted 8:45 PM by
The COVID-19 pandemic is changing our day-to-day lives, and veterinary hospitals have not escaped the disruption. During this challenging time, what should veterinary hospitals be doing?
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