Cash payments and tax relief for individuals in new law
A new law signed on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual cash payments Under the new law, an eligible individual will […]
CARES Act – BUSINESS LOANS AVAILABLE – Covid-19
As you probably know, Congress passed, and President Trump signed into law on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or “Act”). Despite just being passed, the CARES Act has been in the public eye for the past couple of weeks and has been referred to as “Phase III” […]
COVID-19 Business Resource Developments
Legal developments are extremely fluid as Congress, attorneys, and business clients all grapple with the various issues being presented. This article discusses updates on the Families First Coronavirus Response Act, unemployment compensation, and the Worker Adjustment and Retraining Notice Act (“WARN”) that potentially need to be considered by our clients. More Guidance for Employers about […]
Extended Tax Deadlines – Frequently Asked Questions
What relief has the IRS granted? Due to the coronavirus, the IRS has extended the April 15 filing and federal income tax payment deadline to July 15, 2020. On March 20, 2020, the IRS formalized their relief by publishing Notice 2020-18. Notice 2020-18 supersedes Notice 2020-17 which was issued on March 17. Notice 2020-18 provides […]
CARES ACT – Stimulus Payments
Recently, the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) was signed into law, a $2 trillion stimulus package to mitigate the impact of the Coronavirus pandemic. The CARES Act includes stimulus payments of $1,200 for each individual and $500 for each dependent child, defined by the child tax credit rules as under age […]
SBA offering loans to small businesses hit hard by COVID-19
Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is the Small Business […]
Individuals get coronavirus (COVID-19) tax and other relief
Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer making federal income tax payments, […]
Coronavirus (COVID-19): Tax relief for small businesses
Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or […]
Financial Assistance Resources for Businesses Affected by COVID-19
Throughout the last few weeks, we have heard business owners express frustrations and concerns about access to coronavirus information and resources. To further assist our clients’ business and legal needs, we intend to provide periodic updates that should guide clients’ needs while attempting to navigate the current business and legal minefield that is growing more […]
Work Opportunity Tax Credit extended through 2020
If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). The WOTC was set to expire on December 31, 2019. But a new law passed late […]
