Join us! Zoom Details will be provided upon registration. Limited Spots Available! The race will soon be on for seeking forgiveness for amounts borrowed under the PPP loan program under the CARES Act. This program is intended to bring participants up to date on the latest developments on that important topic, as well as other […]
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IRS Issues Draft Form 941 and Instructions
The Coronavirus Aid, Relief and Economic Security (CARES) Act as well as the Families First Coronavirus Response Act (FFCRA), both enacted in March, 2020, provide employers with substantial incentives that are realized through payroll tax reductions. To properly determine the economic value of these incentives, it is necessary to modify historical payroll deposit procedures. Ultimately, […]
IRS Says No Double-Dipping on Expenses Related to PPP Loans
On April 30, 2020, the IRS issued Notice 2020-32, to explain that a Paycheck Protection Program (PPP) loan recipient cannot deduct expenses that are normally deductible under the Internal Revenue Code (IRC), to the extent the expenses were reimbursed by a PPP loan that was then forgiven. The PPP was created by the CARES Act […]
Tax Deadline Extension Now Includes Exempt Organizations
In deference to fairness, on April 9, 2020, the Internal Revenue Service issued Notice 2020-23, which extended the tax filing and payment deadline to now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. In addition to tax-exempt organizations, individuals, trusts, […]
Social Security Recipients Without Prior Year Tax Returns to Automatically Receive Economic Impact Payments
On April 1, 2020, the U.S. Department of the Treasury and the Internal Revenue Service announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts. The announcement […]
IRS Extends Due Date for Estate and Gift Taxes
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 […]
City of Pittsburgh Extends Income Tax Payment Deadline
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 […]
PA Extends State Tax Return and Payment Deadlines for 2019
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, […]
Additional Guidance on Extension of Federal Tax Return Due Dates
The Department of the Treasury and the Internal Revenue Service issued Notice 2020-17 on March 18, 2020, which postponed the due date for certain Federal income tax payments from April 15, 2020, until July 15, 2020. (see related posts below) Just two days later, this Notice was “superseded” by Notice 2020-18, which was released to […]
Federal Tax Filing Deadline Moved to July 15
In response to an intense push by taxpayers and tax professionals over the last several days, Secretary of the Treasury Steven Mnuchin announced on March 20, 2020, that the 2019 income tax filing deadline (which was April 15, 2020) will be moved to July 15, 2020. The 90-day delay matches the previously announced extension to […]