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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.
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.
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.
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.
Message To Our Clients About COVID-19
We want to let you know that we are closely monitoring information from the Centers for Disease Control (CDC), as well as local and state authorities, relating to the COVID-19 outbreak and the potential impact on our ability to provide exceptional client service to you during this time. It is important that we protect your health and the health of our personnel, their families and our communities.
The IRS Provides Guidance on Meal and Entertainment Deductions
The Tax Cuts and Jobs Act eliminated some of the deductions for business-related meal and entertainment expenses. New guidance from the IRS, in the form of proposed regulations, address meal and entertainment expenses.
Got Foreign Assets?
If you or your business owns at least 10 percent of a foreign business enterprise (including certain foreign real estate), you may be required to file Form BE-10 with the U.S. Bureau of Economic Analysis (BEA) by May 29, 2020.
The SECURE Act Likely to Affect Your Retirement and Estate Plans
The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should prompt careful review of your existing plans to ensure they’ll accomplish the desired outcomes, including minimizing taxes.
The SECURE Act Changes the Rules for Employers on Retirement Plans
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden on employers. This client alert discusses some of the most important developments for employers, many of which took effect for plan years beginning after December 31, 2019.
2020 Tax Calendar
To help make sure that you do not miss any important 2020 deadlines, we have provided this summary of when various tax-related forms, payments and other actions are due.