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As the Covid-19 situation continues to change on a daily basis we are taking precautions at this time to keep our employees, families and clients healthy. Below is information covering tax updates and questions from our clients. We will closely monitor any new developments and as the landscape continues to evolve, we will keep you up-to-date. If you have any questions, please contact us at 847.982.0333.

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    PPP Loan Forgiveness Application – Clarity? . . . .Well, Clearer!

    This past weekend, the SBA released the form and instructions for applying for loan forgiveness for companies that have received (or will receive) a PPP Loan.The instructions are relatively easy to follow and help to resolve issues long pondered by borrowers and their advisors. Many of these resolutions seem to fall in the borrower’s favor, or at least give borrowers some flexibility in accumulating expenditures that qualify towards loan forgiveness.   Read More...

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    New SBA Guidance on Qualifications for a Payroll Protection Program Loan

    May 6, 2020 - On May 5, 2020, the SBA stated that it will extend the PPP safe harbor repayment date from May 7th to May 14th. Thus, any PPP borrower who repays the loan by May 14th is deemed to have made the required certification in good faith. The SBA also indicated that it will provide guidance on how it will review the certification before the May 14th deadline.April 30, 2020 - On April 23, 2020, the Small Business Administration (SBA) provided new guidance on qualifications for Pa...  Read More...

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    Payroll Protection Program: Best Practices for Loan Forgiveness

    A couple of weeks ago, many of our small business clients were anxiously waiting for banks to begin accepting Payroll Protection Program (PPP) loan applications. Fast forward two weeks, and many of you have the loan proceeds in your bank accounts available for use. Once PPP loan proceeds have been received, your 8-week covered period begins.   Read More...

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    Payroll Protection Program for the Self-Employed and Payroll Tax Updates

    PAYROLL PROTECTION PROGRAM FOR THE SELF-EMPLOYEDOn April 14, 2020, the Small Business Administration (SBA) released another Interim Final Rule related to the Payroll Protection Program (PPP). This Rule provides guidance for individuals with self-employment income who file a Form 1040, Schedule C.Taxpayers who file a Form 1040, Schedule C are eligible for a PPP loan as long as the following criteria are met 1) In operation on February 15, 2020; 2) Have self-employment income (as an independent co...  Read More...

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    CARES Act Q&A for Dealers in CATA April 3 2020 Newsletter

    Judy Mason offers answers to common questions surrounding the Coronavirus Aid, Relief, and Economic Security Act, enacted last month.On March 27, 2020, President Trump signed into law the CARES Act – worth more than $2.2 Trillion – to help stimulate the economy reeling from the effects of the Coronavirus. What are the aspects of the CARES Act that can help my business (and my employees)?  Loans and payroll credits along with unemployment benefits, including the Paycheck Pro...  Read More...

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    $2 Trillion Rescue Package to Combat Coronavirus - Coronavirus Aid, Relief, and Economic Security (CARES) Act

    On March 27, 2020, President Trump signed into law the CARES Act worth more than $2 Trillion to stimulate the economy from the effects of the Coronavirus.To provide tax relief to individuals and businesses, the Act:   Read More...

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    Major Developments Related to COVID-19 and the Impact on MichaelSilver and Our Clients

    On March 20, 2020, the Treasury Department and the Internal Revenue Service extended the federal income tax filing deadline from April 15th to July 15th. This coincides with the federal tax payment deadline that was extended to July 15th earlier in the week.This new guidance does not provide a limit on the amount of income tax that can be deferred until July 15th. Previously, there was a $1 million cap for individuals and $10 million for corporations.   Read More...

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    Sick Pay, Medical Leave, and Payroll Tax Credits Provided by the Families First Coronavirus Response Act

    President Trump signed into law H.R. 6201 the Families First Coronavirus Response Act (“the Act”) on March 18, 2020. The Act provides emergency paid sick leave, expands the Family and Medical Leave Act, and provides payroll tax credits to certain employers.Emergency Sick Leave - The new law requires employers with less than 500 employees to provide paid leave to employees dealing with the impact of COVID-19 in the following situations:   Read More...

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    Business During World Crisis

    The world has not panicked yet, but the Corona Virus is bringing us close. The news media lets us know daily the number of Corona-related deaths and illnesses. The geographic spread changes by the hour. Newscasters report that many large companies around the world will see sales and profits completely eroded.   Read More...

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    Additional Guidance from the IRS on the Deferred April 15th Payments

    The Internal Revenue Service formally provided more information yesterday on the deferred April 15th tax payments in Notice 2020-17. The 2019 tax return filing deadline of April 15th has NOT been extended.The Notice indicates that all taxpayers are affected by the Coronavirus pandemic and have been granted a 90-day deferral for their April 15th income tax payments that include not only the 2019 tax return balance due, but also the 2020 1st quarter estimated tax payment. This defers tax payments ...  Read More...

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    IRS Defers Payment Date for 2019 Tax Returns by 90 Days

    In a press conference yesterday, Treasury Secretary, Steven Mnuchin, announced that the IRS is giving individuals and businesses an additional 90 days to pay taxes on their 2019 tax returns without being subject to interest and penalties. The payment deadline is extended from April 15th to July 15th. Individuals can defer taxes up to $1 million while corporations can defer up to $10 million.At this time, it appears that the April 15th filing deadline has not been extended; only the payment of ta...  Read More...

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    Information Regarding the Coronavirus

    Over the past weeks we have seen an increasing spread of the Coronavirus (COVID-19) throughout the world. As more cases pop up in the Chicago area and the threat comes closer to home, it is becoming increasingly evident that we need to heed all appropriate safety advice that is being offered by health experts.The well-being of our clients, employees and family members is very important to us. To that end, we have taken precautionary measures as recommended by the WHO, CDC and local authorities.   Read More...

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