• 03.27.20

    Federal and State Tax Return Filing and Payment Dates Postponed

    After previously announcing a delay in the payment due date (but not the return filing date) for individual and corporate income taxes below certain thresholds, on March 21 the Internal Revenue Service announced that the federal income tax filing due date for 2019 returns is automatically extended ...

  • 03.27.20

    CARES Act Retirement Plan Provisions

    The 10% additional tax that generally applies to distributions received prior to age 59-1/2 from IRAs and tax qualified retirement plans (including 401(k) plans) will not apply to any coronavirus-related distribution, provided that such distributions to an individual do not exceed $100,000 in any ...

  • 03.27.20

    Miscellaneous Employee Benefit Provisions of the CARES Act

    From March 27 through the end of 2020, employers may use an Internal Revenue Code Section 127 educational expense reimbursement plan to assist employees in repaying their student loans obtained for qualified higher education.

  • 03.27.20

    Modifying Revised Net Operating Loss Tax Rules to Ease Financial and Economic Effects of COVID-19

    The COVID-19 pandemic’s effects on our nation include significant financial and economic hardships.

  • 03.27.20

    Limited Expansion of Business Interest Deduction to Offset Effects of COVID-19

    The COVID-19 pandemic threatens the viability of many of our country’s businesses by necessitating that they close their doors to normal operations, resulting in less income and likely reductions in workforce.

  • 03.27.20

    Temporary Repeal of Excess Business Loss Limitation Rules

    The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) repeals the “excess business loss” limitation rules previously enacted by the 2017 federal tax reform for the 2018, 2019 and 2020 tax years, as if such limitation had never been enacted.

  • 03.27.20

    Bad Debts and Debt Cancellations

    If you are currently a lender or other creditor to individuals or other organizations, and in the current environment there is a risk that your borrowers or other debtors may be unable to repay loans or other debts to you, for tax purposes the unpaid debts may be treated as business bad debt or ...

  • 03.27.20

    Emergency Loan Program under CARES Act Preserves Use of Net Operating Losses by Borrowers

    The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) includes a $2 trillion COVID-19 relief package that authorizes the Treasury Department to make or guarantee loans to companies with losses that are tied to the pandemic and that threaten their continued operation.

  • 03.27.20

    Employers Receive Payroll Tax Credit Relief for Emergency COVID-19 Sick Leave

    To help employers cover the cost of paid sick leave or family or medical leave for their employees who miss work for reasons related to the COVID-19 pandemic, the Families First Coronavirus Response Act (H.R. 6201) provides for an employer federal tax credit against the Social Security portion of ...

  • 03.27.20

    Delay of Payment of Employer Payroll Taxes

    Under Section 2302 of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), an employer may delay the payment of the employer share of Social Security taxes (6.2% rate) that otherwise would be due between the date of enactment and December 31, 2020. Self-employed individuals ...