As part of the CARES Act, the SBA is authorized to to make loans under a new Paycheck Protection Program (PPP). These loans are available starting April 3, 2020 to business entities and April 10, 2020 to self-employed individuals. The total amount of loans authorized under the program is $349 billion and the loans are…
COVID-19: April 15 Tax Deadline Extended
The IRS has announced in Notice 2020-18 that the April 15, 2020 income tax filing (and payment) due date has been automatically extended to July 15, 2020. An earlier announcement had limited the extension to payments only and limited the amount of tax liability that could be postponed without interest or penalty. This latest round…
IRS Extends Payment but Not Filing
The IRS has announced that the due date for all federal income tax payments due on April 15, 2020 will be postponed to July 15, 2020. In response to the President’s COVID-19 emergency declaration and instructions to the Secretary of the Treasury, the IRS is granting relief from penalties and interest for any income tax…
Tax Cuts and Jobs Act – 2017 Tax Reform
The Tax Cuts and Jobs Act was signed into law on December 22, 2017. The Act makes several fundamental changes to the tax structure for individuals and businesses. Most changes for individuals are effective only for tax years 2018 through 2025. Below are some of the key provisions of the new law. Standard Deductions, Exemptions,…
Year-End Tax Planning
As 2016 draws to a close it’s time to turn our attention to some year-end tax to-do tasks. In many ways this year is no different than any other – the same conventional wisdom applies as it always has in the past: less tax is better tax. Here’s some conventional (tax) wisdom to help you…