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Client Alerts
04.07.20
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.
04.03.20
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.
04.01.20
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.
03.30.20
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.
03.24.20
Small Business Administration Disaster Loans
Illinois has been declared a disaster state due to the COVID-19 pandemic. Illinois small and mid-sized businesses are now qualified to apply for SBA Economic Injury Disaster Loans up to $2 million directly through the Small Business Administration.
03.23.20
What You Need to Know About the Families First Coronavirus Response Act
On March 18, 2020 the Families First Coronavirus Response Act was signed into law. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave for employees affected by the coronavirus (COVID-19) pandemic. Employers’ increased costs can be offset by new tax credits.
03.23.20
Tax Credit for Small and Mid-Size Businesses Providing Coronavirus-Related Paid Leave
In our previous Client Alert, What you need to know about the Families First Coronavirus Response Act, we provided a general overview of the recent Act. The Act mandated businesses with fewer than 500 employees provide their employees paid sick leave and expanded family and medical leave for COVID-19 related reasons and created two new refundable payroll tax credits to reimburse the employer for the cost of providing this leave.
03.21.20
BREAKING NEWS: Tax Filing and Payment Deadlines
As we reported yesterday, the Internal Revenue Service has postponed the tax filing and payment deadlines for calendar year taxpayers until July 15, 2020. Revised guidance has now been issued which expands the provisions to remove the dollar limitation on the amount of the payment that may be postponed until July 15.
03.20.20
BREAKING NEWS: U.S. Treasury Secretary Now Says Tax Filing Deadline Is Moved to July 15
U.S. Treasury Department Secretary Steven Mnuchin announced this morning that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19) outbreak.
03.18.20
U.S. Treasury Department Delays April 15 Payment Deadline; Announcement Does Not Delay the April 15 Filing Deadline
On Tuesday, March 17, Treasury Secretary Steven Mnuchin announced at a press conference that individuals and corporations can delay their tax payments until July 15 due to the coronavirus pandemic. Mnuchin stated that individuals can defer up to $1 million in payments for 90 days from the April 15 deadline and corporations can defer up to $10 million in payments for 90 days.