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On March 30, 2020, the Pennsylvania Attorney General’s office launched “PA CARE Package,” an initiative focused on securing economic relief for Pennsylvanians impacted by the COVID-19 outbreak. This program will implement and expand on the recently passed federal CARES Act to protect Pennsylvania consumers. Under the PA CARE Package initiative, banks and financial institutions across […]
UPDATE (4/1/20): Applications for small businesses and sole proprietorships will be available April 3, 2020. Independent contractors and self-employed individuals can apply beginning on April 10, 2020. Click here for the application form. Fact sheets for borrowers and lenders are also available. The Treasury urges those in need of funding to apply quickly, noting that […]
The Internal Revenue Service has issued Notice 2020-21 announcing start dates for the employment tax credits for paid qualified sick leave and family leave wages required by the Families First Coronavirus Response Act (FFCRA). As per the guidance, the credits will apply to wages and compensation paid for periods beginning on April 1, 2020, and […]
The news coming from all directions relating to the COVID-19 pandemic is, and should be, the priority of every American, as well as citizens of the world. The worry and uncertainty created by this outbreak is definitely shaking the fabric of our economy, but we are hopeful that the situation will be short-lived, and our […]
The IRS has announced that the due date for filing returns and making payments for federal gift and generation-skipping transfer tax has been extended until July 15, 2020. This additional coronavirus relief guidance was released in Notice 2020-20, which updates the previously-released Notice 2020-18. These estate and gift tax returns would have been due on […]
President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, after the bill was approved by voice-vote by the House of Representatives earlier that day. That vote followed unanimous approval by the Senate on March 25, 2020. The 880-page, $2 trillion Act includes provisions designed to provide economic stimulus […]
In response to COVID-19, the City of Pittsburgh is extending its personal income tax deadline until July 15, in line with similar 90-day extensions announced by the Internal Revenue Service and the Pennsylvania Department of Revenue. The City’s Finance Department will continue real estate billings, but will stop all real estate delinquent billings and late […]
On March 25, 2020, Pennsylvania Governor Tom Wolf announced that the State has created a $60 million loan program, the COVID-19 Working Capital Access (CWCA) Program, to assist small businesses that have been negatively affected by the closures and restrictions mandated the novel coronavirus prevention measures. The Commonwealth Financing Authority’s Small Business First Fund recently […]
UPDATE (3/26/20) – The bill was unanimously passed by the Senate on March 25, 2020. A House vote is expected on March 27, 2020. It appears that the Senate is prepared to vote this afternoon on the largest peacetime stimulus package in the history of the United States with the hope of warding off a […]
As is well known by now (see related posts below), the federal government has extended the due dates for filing your 2019 income tax returns, as well as any payments due, until July 15, 2020. While Pennsylvania law statutorily ties state returns for corporations to the federal extension, such is not the case for individuals, […]
