WASHINGTON – The  U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.  

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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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As hard as it is to believe, another round of tax changes appear to be coming. And as Congress debates possible tax changes, taxpayers are left wondering what should I be expecting and what should I be doing? Without a crystal ball, it is difficult to know for sure. However, to help, we have put together this piece to highlight strategies that are worth considering.

Often planning is implemented on the advice of good advisors and with the best intentions. However, many times this planning falls short because of the failure to “manage” it. Here is a list of mistakes we see so regularly that we feel compelled to point them out.

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.
 

The passthrough entity tax (PTET) is an optional tax that partnerships and NY S corporations may annually elect to pay on certain income for the tax years begining on or after January 1, 2021.

The link provides Pellegrino Saccomani & Wells, CPA's, LLP presentation and additional materials.

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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