The IRS has confirmed that a taxpayer who received a covered loan guaranteed under the PPP and who paid or incurred certain otherwise deductible expenses listed in the CARES Act may not deduct those expenses in the taxable...more
Following stalled negotiations about a fifth round of coronavirus relief in Congress, President Trump signed an executive order on August 8, 2020 directing the US Treasury to suspend the obligations of employers to withhold...more
The tax provisions of the HEALS Act would expand upon and modify several provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the employee retention tax credit, while also introducing...more
On Friday, July 17, 2020, the Federal Reserve Board released term sheets for the nonprofit loan facilities (the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF)...more
Draft term sheets issued by the Federal Reserve Board announce a proposed expansion of the Main Street Lending Program to certain Nonprofit Organizations.
On Monday, June 15, 2020, the Federal Reserve Board (the Board)...more
On April 14, 2020, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued an interim final rule to temporarily defer the...more
The Internal Revenue Service has expanded its previous relief measures with Notice 2020-23, which automatically extends key tax deadlines for all taxpayers that have a filing or payment deadline on or after April 1, 2020, and...more
4/14/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Filing Deadlines ,
Filing Requirements ,
Income Taxes ,
IRS ,
Relief Measures ,
Statutory Deadlines ,
Tax Relief ,
Tax Returns ,
Time Extensions
The IRS has granted a six-month extension to file applications for a tentative carryback adjustment under the “quickie” refund procedure for net operating losses that arose in tax years that began in calendar year 2018 and...more
As our country grapples with the health, economic, and social impacts of COVID-19, the U.S. Congress has weaponized the U.S. tax law to provide economic stimulus and soften the financial blow dealt by COVID-19 through two key...more
The Treasury Department extends the US federal tax filing deadline from April 15 to July 15.
This week’s surge in the number of confirmed COVID-19 cases was accompanied by frequent responses at the federal level directed at...more
3/20/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Taxes ,
Filing Deadlines ,
Filing Requirements ,
Income Taxes ,
IRS ,
Relief Measures ,
Secretary of the Treasury ,
Tax Extensions ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
On Wednesday, the Internal Revenue Service issued Notice 2020-17, providing relief to taxpayers amidst the economic fallout of the COVID-19 virus. Beyond taking a toll on public health, the global pandemic has disrupted...more