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The IRS issues guidance on the executive action deferring payroll taxes

Timothy King

Posted By: Timothy King

Posted September 1, 2020 / No comments

On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance in Notice 2020-65 was issued to implement President Trump’s executive action signed in early August. The guidance is brief, and

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What does the executive action deferring payroll taxes mean for employers and employees?

Robert Tighe

Posted By: Robert Tighe

Posted August 13, 2020 / No comments

On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this point, the taxes are just deferred, meaning they’ll still have to be paid at a later date. However, the action directs U.S. Treasury Secretary Steven

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IRS guidance provides RMD rollover relief

Stephen Leazzo

Posted By: Stephen Leazzo

Posted July 2, 2020 / No comments

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the 10% early distribution penalty for CRDs

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PPP borrowers get concessions, additional guidance on forgiveness

Robert Tighe

Posted By: Robert Tighe

Posted June 9, 2020 / No comments

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 of an interim final rule from the U.S. Department

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The IRS clarifies the deductibility of PPP-funded expenses

Stephen Leazzo

Posted By: Stephen Leazzo

Posted May 14, 2020 / No comments

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 guidance in IRS Notice 2020-32 doesn’t provide the answer

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SBA Guidance on Good-Faith Certification (PPPL)

Robert Tighe

Posted By: Robert Tighe

Posted May 13, 2020 / No comments

Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?   Answer: When submitting a PPP application, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA, in consultation with the Department of the Treasury,

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SBA extends the PPP repayment deadline for self-certification

Keith Orr

Posted By: Keith Orr

Posted May 7, 2020 / No comments

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 their loans by that date preempt the possibility of

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Congress expands small business COVID-19 relief

Keith Orr

Posted By: Keith Orr

Posted April 24, 2020 / No comments

Congress and the Trump administration have struck a deal on another piece of legislation, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic

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The IRS announces new COVID-19-related assistance for taxpayers

Cynthia Petschke

Posted By: Cynthia Petschke

Posted April 13, 2020 / No comments

The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional

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The Small Business Administration launches the Paycheck Protection Program

Keith Orr

Posted By: Keith Orr

Posted April 7, 2020 / No comments

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) allocates nearly $350 billion to a new lending program through the Small Business Administration (SBA), aimed at helping employers cover their payrolls during the coronavirus (COVID-19) pandemic. The loans under the Paycheck Protection Program (PPP) are subject to 100% forgiveness if certain criteria are satisfied,

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