News & Announcements

Congress Passes the CARES Act

To help keep small businesses afloat, the CARES Act provides that businesses with fewer than 500 employees, including sole proprietors and nonprofits, will have access to nearly $350 billion in loans through the Small Business Act during the “covered period,” which runs from February 15, 2020 through June 30, 2020. The loans, which are referred to as “paycheck protection loans” and are fully guaranteed by the federal government through December 31, 2020 (returning to an 85% guarantee for loans greater than $150,000 after that date), are generally limited to the LESSER OF:

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Potential Items and Actions to Take Relating to Personal / Consumer Debts in light of the Coronavirus Situation

Most of the government’s attention and action has related to businesses and helping them stay in business during these unusual and challenging times.  Items have been noted that are focused on the individuals and personal cash flows and either have been signed into law in the families First Coronavirus Response Act or will be once the House passes and the President signs the Coronavirus Aid Relief and Economic Security Act.  More detail on the following items are on our website.

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Summary of Major Provisions of the Senate Passed Coronavirus Aid Relief and Economic Security Act

We’ve provided much information regarding the Senate’s Coronavirus Stimulus Legislation in the past several days and now that is has finally passed the Senate and is on its way to the House of Representatives and then the President, we are providing another summary of the final bill with highlights to the main new provisions.

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CARES Act tax provisions aim to stabilize pandemic-ravaged economy

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, currently being debated in the Senate and expected to be voted on Wednesday night, contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic. While the focus of the legislation is not tax, a large number of tax provisions are included in the over-600-page bill.

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Highlights Of Senate Stimulus Legislation

EXPECTED TO BE SIGNED INTO LAW in the COMING DAYS

Early this morning, U.S. Senators and the Trump Administration announced they have reached an agreement on a $2 trillion stimulus package that includes direct assistance to small businesses affected by the coronavirus pandemic.

Although the full text of the bill is not yet known, the expectation is that the Senate will pass the legislation later Wednesday afternoon. The House is expected to also pass it and send it to President Trump to sign into law within days.

The bill includes more than $350 billion to help small businesses impacted by the coronavirus pandemic make payroll and cover expenses. Because the federal definition of small business includes companies with 500 employees or less, this bill can help the vast majority of businesses.

Three other provisions of the deal address families and workers, distressed industries and additional support for health care to compact the virus.

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IRS RELEASES Q&A on FAQ’s Relating to the Tax Filing and Payment Extensions

In response to practitioners’ questions about the filing and payment deadline extension announced Friday in Notice 2020-18 – (see posting) the IRS posted 24 frequently asked questions to its website: Click Here

The answers clarify that only payments that are actually due on April 15 are delayed. Therefore, first quarter 2020 estimated income tax payments and Sec. 965(h) transition tax installment payments due April 15 are postponed until July 15, but June 15 estimated tax payments are not.

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