SBA revises Form 3508S to include loans of $150,000 or less. Click on the link to download the form and instructions to complete.

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act makes it easier for you to access your savings in Individual Retirement Arrangements (IRAs) and workplace retirement plans if you're affected by the coronavirus. This relief provides favorable tax treatment for certain withdrawals from retirement plans and IRAs, including expanded loan options.

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On October 8, 2020, the Treasury Department and Small Business Administration (SBA) released a simplified Payroll Protection Program (PPP) forgiveness application (Form 3508S) and instructions for loans of $50,000 or less, as well as an Interim Final Rule (IFR) which explains the changes.

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This notice provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).

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Sacramento – The Franchise Tax Board (FTB) today announced updated special tax relief for all California taxpayers due to the COVID-19 pandemic. FTB is postponing until July 15 the filing and payment deadlines for all individuals and business entities.

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At the direction of Governor Ned Lamont, and in recognition of the impact of COVID-19, the Department of Revenue Services (DRS) is providing immediate administrative tax relief to Connecticut small businesses. DRS is granting an automatic extension of filing and payment deadlines for Sales Tax and Room Occupancy Tax.

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At the direction of Governor Ned Lamont, the Connecticut Department of Revenue Services (DRS) is extending the filing and payment deadline for personal income tax returns 90 days, to July 15, 2020. The extension also applies to Connecticut estimated income tax payments for the first and second quarters of 2020.

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As our Federal and State governments continue to react to the COVID-19 pandemic in real-time with a primary focus on limiting travel, large gatherings and the movement of our citizens, many businesses are executing contingency plans which require their employees to work remotely where possible. The reassignment of work locations and/or the displacement of workers due to health safety precautions raises many employers and employee concerns.

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New Jersey has among the most comprehensive Earned Sick Leave, Temporary Disability, and Family Leave Insurance laws in the country, which cover all employees – full-time, part-time, temporary and seasonal.
 

If you are a quarterly or annual sales tax vendor, and you were unable to file or pay your March 20, 2020, sales tax return due to COVID-19, you may be eligible to apply to have penalty and interest waived. To determine whether you are eligible, see N-20-1, Announcement Regarding the Abatement of Penalties and Interest for Sales and Use Tax due to the Novel Coronavirus, COVID-19.

Governor Northam has outlined several steps to provide tax relief to citizens during this time.

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