On Monday, December 21, Congress enacted a $900 billion stimulus package to support American workers and businesses impacted by COVID-19. This summary provides an overview of the business and tax relief measures contained in...more
Maine Revenue Services (MRS) has informed taxpayers that Maine does not conform to the federal tax changes enacted in the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security...more
7/16/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Income Taxes ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Sick Pay ,
State and Local Government ,
State Taxes ,
Tax Planning
Maine Governor Janet Mills recently announced that the second quarter estimated tax payment deadline has been extended to July 15, 2020. ...more
***Update*** On April 28, Treasury Secretary Steven Mnuchin announced that the SBA will do a full review of any loan more than $2,000,000 under the PPP program. He also warned of criminal liability for borrowers who...more
5/1/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Criminal Liability ,
Eligibility Determination ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Secretary of the Treasury ,
Small Business ,
U.S. Treasury
Last week, hundreds of thousands of applications for loans under the Paycheck Protection Program (PPP) were submitted to banks all over the country, and it’s likely that many more will be submitted in the coming weeks. ...more
4/19/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
On March 27, 2020, Massachusetts Governor Charlie Baker announced that Massachusetts will extend the due date to file and pay Massachusetts personal income tax from April 15, 2020 to July 15, 2020, conforming to the federal...more
The CARES Act (H.R. 748) passed by the Senate last night would provide several elements of temporary tax relief. The Act has not yet been approved by the House, and is therefore not yet final.
...more
On March 21, 2020, in response to the coronavirus pandemic, the U.S. Treasury Department and Internal Revenue Service announced that the federal income tax filing and payment deadline has been extended to July 15, 2020. The...more