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  • Covid-19 Special Update: Coronavirus Tax Relief and Economic Impacts Payments
    04/24/2020

    IRS is offering tax help for taxpayers, businesses, tax-exempt organizations, and others – including health plans – affected by a coronavirus (COVID-19).

    Click on the title for more information.

  • Covid-19 Special Update: House gives final passage to $484bn coronavirus relief bill.
    04/24/2020

    House gives final passage to $484bn coronavirus relief bill.
     

  • Covid-19 Special update: IRS extends more tax deadlines
    04/10/2020

    WASHINGTON — To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 (PDF) extends additional key tax deadlines for individuals and businesses.

    Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due.

    Today’s notice expands this relief to additional returns, tax payments, and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations, and other non-corporate tax filers qualify for the extra time. This means that anyone, including Americans who live and work abroad, can now wait until July 15 to file their 2019 federal income tax return and pay any tax due.

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  • Covid-19 Special Update: The Cares Act has passed. Here are the key highlights
    04/02/2020

    The two parties came together, and after only a smidgen of negotiating, passed the $2 trillion coronavirus economic stimulus bill. As anticipated, President Donald Trump signed it into law on Friday, March 27, 2020.

    This legislation is aimed at providing relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak.

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  • Covid-19 Special Update: Congress approves Economic Relief Plan for Businesses and Individuals
    03/27/2020

    On Friday afternoon, the Coronavirus Aid, Relief and Economic Security (CARES) Act passed the House of Representatives by a voice vote. The bill now moves to the President for signature. The bill builds upon earlier versions of the CARES Act and is intended to be the third round of federal government support in the wake of the coronavirus public health crisis and associated economic fallout, succeeding the $8.3 billion in public health support passed two weeks ago and the Families First Coronavirus Response Act. It is the product of negotiations between Democrats and Republicans for a bipartisan response to the crisis.

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  • Covid-19 Special Update: IRS unveils new People First Initiative; Covid-19 effort temporarily adjusts, suspends key compliance program
    03/26/2020

    To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.

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  • Covid-19 Special Update: Impacted by COVID-19? No collateral needed for SBA Economic Injury Disaster Loan
    03/26/2020

    Certain requirements for the Small Business Administration’s Economic Injury Disaster Loan have been lifted to help assist businesses affected by COVID-19.

  • Covid-19 Special Update: US congressional leaders agree a historic $2trn stimulus package: things to know
    03/25/2020 | dailysignal

    Early Wednesday morning, Senators Mitch McConnell and Chuck Schumer announced a massive $2 trillion stimulus deal set to be the largest economic stimulus package in modern American history. 

    Click on the title for more information.
     

  • Covid-19 Special Update: The Families First Coronavirus Response Act
    03/24/2020

    As of 3/18/2020, President Trump signed the Families First Coronavirus Response Act (the “ACT”). Employers with under 500 employees will be legally required to provide employees, who are unable to work or telework, with paid sick leave under one of the following provisions:

    1. The employee is subject to a Federal, State, or local quarantine or isolation order related to COVID-19. 
    2. The employee has been advised by a health care provider to self-quarantine due to concerns related to COVID-19.
    3. The employee is experiencing symptoms of COVID-19 and seeking a medical diagnosis.
    4. The employee is caring for an individual who is subject to a quarantine or isolation order as described in (1), above, or has been advised as described in (2), above. 
    5. The employee is caring for a son or daughter whose school or place of care has been closed, or the paid child care provider is unavailable, due to COVID-19 precautions. 
    6. The employee is experiencing any other substantially similar condition specified by the Secretary of Health and Human Services in consultation with the Secretary of the Treasury and the Secretary of Labor.

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  • Covid-19 Special Updates: IRS issues Guidance on Tax Credits for Coronovirus Paid Leave
    03/24/2020

    Small and midsize employers may begin using two new refundable payroll tax credits to obtain reimbursement for the costs of providing coronavirus related leave to their employees, the U.S. Department of Labor (DOL) and Internal Revenue Service (IRS) announced on March 20, 2020.

  • Covid-19 Special update: Treasury, IRS, and Labor announced a plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
    03/23/2020

    Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.

    The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee's own health needs or to care for family members. The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus.

  • Covid-19 Special Update: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed
    03/18/2020

    The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

    Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

  • Covid-19 Special Update: High Deductible Health Plans
    03/18/2020

    The Internal Revenue Service today advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA).