COVID-19 Resource Center
As the Covid-19 situation continues to change daily, we are taking precautions 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 updated.
Latest IRS Guidance on Non-Deductibility of PPP-Related Expenses
On November 18, 2020, the Internal Revenue Service doubled down on its position that businesses receiving PPP loan forgiveness cannot deduct the PPP-related expenses. Revenue Ruling 2020-27 addresses the timing of the non-deductibility of PPP related expenses.
When Should You Submit Your PPP Loan Forgiveness Application, Earlier or Later?
By Joshua Prince, CPA, MST - Manager November 16, 2020 The Paycheck Protection Program (PPP), a program that provided small-sized businesses with funds to pay up to 24 weeks of payroll and other nonpayroll business costs, officially closed to new...
Deferral of Payroll Tax Withholding from The President’s Memorandum
By Harry A. Steindler, CPA - Partner September 4, 2020 On August 8th, the President issued a memorandum allowing, but not requiring, companies to defer the withholding and payment of the 6.2% employee share of social security taxes. The deferral...
Additional Guidance on PPP Loan Forgiveness
By Gina Brymer, CPA - Senior Manager and Laurie Kaplan, CPA - Partner September 1, 2020 On August 24, 2020, the Small Business Administration (SBA) issued an interim final rule that provides additional guidance on treatment of owners and...
Frequently Asked Questions on PPP Loan Forgiveness
By Gina Brymer, CPA - Senior Manager and Laurie Kaplan, CPA - Partner August 12, 2020 On August 4, 2020, the Small Business Administration (SBA) in consultation with the Treasury Department released a ten-page Frequently Asked Questions (FAQ)...
The IRS Provides RMD Rollover Relief
June 26, 2020 On June 23, 2020, the Internal Revenue Service released Notice 2020-51 that provides relief to taxpayers who had already taken their required minimum distributions (RMD) prior to the CARES Act that suspended the requirement for 2020....
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...
$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:
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...
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...