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Illinois Estimated Tax Payment Rules for 2020
As we previously reported, Illinois extended the filing and payment deadline for 2019 income tax returns to July 15, 2020. However, Illinois did not extend the due date for taxpayers who need to remit estimated tax payments for calendar year 2020.
The Employee Retention Credit and Deferral of Employer Social Security Tax
As part of the recently enacted CARES Act, Eligible Employers can claim a refundable credit on their payroll tax returns of up to $5,000 per employee. In addition, employers may defer payment of the 6.2% employer portion of social security payroll taxes. However, the April 30 deadline for Form 941 has not been extended. Unfortunately, these benefits are not available to employers who receive certain benefits under the Payroll Protection Program.
Key Benefit Plan Tax Reporting Deadlines for April and May
The IRS recently postponed some tax-related deadlines that impact employee benefit plans due to the COVID-19 crisis.
Update: Paycheck Protection Program Rules Clarified
Late on Thursday, April 2, the Treasury Department issued SBA-2020-015 that provides additional guidance regarding the Paycheck Protection Program. This Rule clarifies some items, but questions remain. Borrowers need to understand the inconsistencies between the CARES Act, the Interim Final Rule and the loan application instructions to determine the position that best fits their circumstances.
Retirement Relief Provisions Under the CARES Act
We continue to breakdown important provisions of the Coronavirus, Aid, Relief, and Economic Security (CARES) Act, passed on March 27, 2020. This Client Alert addresses the key provisions affecting retirement plans.
IRS Retirement Plan Adoption and Amendment Deadline Relief as a Result of the CARES Act
With the passage of the Coronavirus, Aid, Relief and Economic Security (CARES) Act on March 27, 2020, the IRS provided plan adoption and amendment relief to plan sponsors. Below are updated plan adoption and amendment relief timing affecting plan sponsors.
Financial Relief Programs and Resources Available to Not-For-Profit Organizations
Although we all are facing major changes and challenges in our school, work and homes caused by the spread of COVID-19, it is not-for-profit (NFP) organizations that are often on the “front lines,” working with our youngest, oldest and most vulnerable populations. Fortunately, there have been significant responses from our state, local and federal governments in terms of financial support.
Paycheck Protection Program
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) is now law and the most impactful piece of this historic legislation is the Paycheck Protection Program. This provides nearly $350 billion in forgivable loans to qualified small businesses.
Illinois Sales Tax Deferral for Bars and Restaurants Due to Coronavirus Outbreak
Sales tax payments affecting more than 24,000 small and medium-sized bars and restaurants in Illinois can now be deferred.
BREAKING NEWS: Illinois Income Tax Filing and Payment Extension Not Perfect
On Wednesday, March 25, 2020, Governor Pritzker announced that the 2019 income tax filing and payment deadline is now extended from April 15, 2020 to July 15, 2020.