COVID-19 Pandemic Resources
We are monitoring the rapidly evolving situation surrounding the COVID-19 pandemic and are providing updates on the implications to our clients and colleagues. Check back regularly for new updates.
Paycheck Protection Program Round Two
In late December 2020, Congress authorized a second round of Paycheck Protection Program (PPP) loans, with funding available to qualified first-time borrowers and borrowers who received a loan during the PPP first round. Nearly all community and institutional lenders have now opened their loan application process, and new PPP loans will be available through… Read More »
New Law Clarifies and Expands CARES Act Employee Retention Credit
On December 27, 2020, President Donald Trump signed into law the $900 billion COVID-19 relief bill passed by Congress on December 21, 2020. The legislation (Consolidated Appropriations Act, 2021), adds $300 to extended weekly unemployment benefits and provides more than $300 billion in aid for small businesses. One provision permits employers to claim the… Read More »
Coronavirus and Retirement Plans – Updates from IRS Notices
We have previously posted discussions regarding the impact of the SECURE Act on planning for retirement plan distributions. With the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was enacted, including several provisions addressing distributions from retirement plans and special tax treatment. The IRS recently issued two notices, Notice 2020-50… Read More »
Charitable Giving Provisions of the CARES Act
We have previously discussed the Paycheck Protection Program, and plenty of other commentary has focused on the 2020 Recovery Rebates for individuals, both of which were enacted under Coronavirus Aid, Relief, and Economic Security (CARES) Act. In addition to these headline-grabbing provisions, the CARES Act also contains provisions designed to encourage increased charitable giving… Read More »
IRS Extends More Tax Deadlines to Cover Individuals, Trusts, Estates, Corporations, and Others
To help taxpayers, the Department of Treasury and the IRS announced in Notice 2020-23 the extension of additional key tax deadlines for individuals and businesses. Notice 2020-23 Previously, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty,… Read More »
Estate Planning During COVID-19
At MendenFreiman, the health and safety of our clients and staff are our most important priority. We also want you to know that during these unprecedented times, we are here for you. Below are several important updates regarding estate planning matters during the COVID-19 crisis. We Are Here for You. We remain committed to meeting… Read More »
The New Paycheck Protection Program: What Business Owners Need to Know
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Among its many provisions, the CARES Act authorizes the Paycheck Protection Program (the “PPP”), which will provide economic aid to small businesses and certain other employers to cover the capital costs of retaining employees and maintaining… Read More »
UPDATE: Due Date for GIFT Tax Returns Postponed to July 15
In Notice 2020-20, the Treasury Department has automatically extended the due date for GIFT tax returns until July 15, 2020. Here is the link: Notice 2020-20 They have not yet extended ESTATE tax returns, but stay tuned!
The New Internal Revenue Service People First Initiative
To help people facing the challenges of COVID-19 issues, the Internal Revenue Service (“IRS”) announced on March 25 a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. The new IRS People First Initiative provides immediate relief to help… Read More »
The New Federal Paid Sick Leave Law: What Business Owners Need to Know
On March 18, President Trump signed into law the Families First Coronavirus Response Act (the “Act”). Among the many provisions of the Act, it provides for paid family and sick leave for employees that are unable to work, due to sickness, quarantine orders, or school closures, as a result of the coronavirus outbreak and… Read More »
UPDATE: Due Dates for Estate and Gift Tax Returns are NOT Postponed
Notice 2020-18 extended the due date for filing income tax returns to July 15, 2020. Initially, there was confusion with respect to whether the Notice also applied to gift tax returns. Yesterday, the Treasury Department confirmed that the due dates for estate and gift tax returns have NOT been postponed. The link to the release is: https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers… Read More »
COVID-19: What Business Owners Need to Know
While people have widely adopted social distancing and self-quarantining to an extent unknown in recent times, this interruption to daily life is rapidly being felt across industries and companies of all sizes with no clear indication of when business will return to normal. Below is an overview of some of the business issues facing our… Read More »
UPDATE: U.S. Tax Filing Deadline Moved from April 15 to July 15
In an update to yesterday’s e-alert, the IRS has extended the tax filing deadline to July 15, 2020. Per Treasury Secretary Steven Mnuchin, the extension will give “all taxpayers and businesses … additional time to file and make payments without interest or penalties.” As we mentioned yesterday, the payment deadline had already been extended to July 15… Read More »
More Good News: Coronavirus (“COVID-19”): Small Business Guidance & Loan Resources: Economic Injury Disaster Loan Program
The COVID-19 pandemic has severely impacted small businesses with issues such as loss of revenue, incapacity to make payroll, employee layoffs, inability to maintain inventory, supply chain interruptions, and other unforeseen circumstances. In our efforts to monitor and report on new options to consider, small business owners in Georgia and certain other states are… Read More »
Good News: U.S. Tax Payment Deadline Extended to July 15, 2020 Due to COVID-19
It is safe to say the economic impact of the COVID-19 pandemic has been felt across the country. To provide some financial relief to millions of Americans, the Treasury Department and the Internal Revenue Service (“IRS”) are providing special tax payment relief by extending the tax payment deadline to July 15, 2020, for individuals and businesses. The tax filing… Read More »
A Message to Our Clients, Colleagues, and Friends Regarding the Coronavirus (COVID-19)
As the global COVID-19 public health emergency continues to spread and create challenges for families and businesses worldwide, we wanted to share with you how MendenFreiman LLP is addressing many of the same challenges that our clients may be facing. Our top priorities remain the health and well-being of our employees, clients, families, colleagues… Read More »
Resources:
- CARES Act: Coronavirus Emergency Loans – Small Business Guide and Checklist
- Coronavirus Aid, Relief, and Economic Security Act
- Internal Revenue Service Filing and Payment Deadline Questions and Answers
- Internal Revenue Service Coronavirus Relief
- U.S. Small Business Administration COVID-19: Business Guidance and Loan Resources
- U.S. Small Business Administration Disaster Assistance
- Department of Labor Employee Rights (PDF)
- CDC Environmental Cleaning and Disinfection Recommendations
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