Payroll Tax Deferral: More Relief for Employers and Self-Employed

We have been providing you many updates during the COVID-19 pandemic, with most centered around the Payroll Protection Plan and loan forgiveness. And rightly so! The prospect of tax-free funds to businesses is an extraordinary benefit. However, there is another provision available to employers and the self-employed that has not received as much attention: the deferral of employment tax deposits and payments.

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I’ve Received My PPP Funds, Now What?

Congratulations on receiving your Paycheck Protection Program (PPP) funds! You and your bank have worked hard to ensure that you have the funds available to maintain payroll and operations for the next eight weeks. But the hard work is far from over. And you’re likely asking, “What do I do now to qualify for loan forgiveness?”

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Additional Guidance on the PPP Loan Application Process

On April 6, 2020, The Small Business Administration (SBA), in consultation with the Department of Treasury, issued additional guidance and clarifications on Paycheck Protection Program (PPP) loans. Below is an overview of these clarifications. If you have further questions, please don’t hesitate to contact us at 630-953-4900.

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Your Top 3 Questions About the PPP Loan Application Process Answered

On Friday, April 3, 2020 many financial institutions began accepting applications for the Paycheck Protection Program (PPP) loans as provided for in the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act. With guidance for the program still being issued late last week, we received many questions regarding eligibility, computation and documentation.

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Top 5 Tax Provisions of the CARES Act

With the ink barely dry on the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, there have already been several hot topics surrounding the benefits it provides. Below are the top 5 tax provisions that we believe will be most impactful to our clients. You are welcome to listen to these key points in podcast format and then scroll down to read more details for each topic.

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Details Regarding the CARES Act Business Loans

In reaction to the ongoing pandemic, Congress is continuing to pass legislation with the anticipation of rebounding our struggling economy. Late last week, Phase 3 of this effort was passed by Congress and signed by President Trump.

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Federal Tax Filing Deadline Extended to July 15th

On Friday, March 20, Steve Mnuchin, Secretary of the Treasury, released a statement that the federal tax filing deadline has moved in response to the ongoing coronavirus (COVID-19) pandemic. The new deadline of July 15, 2020 corresponds with the tax payment deadline previously rescheduled earlier in the week.

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