IRS Extends Timeline to Invest in Qualified Opportunity Funds
Source: RSM US LLP. Notice 2020-23 automatically extends the timeline for investing in a Qualified Opportunity Fund (QOF) in light of the COVID-19 public health emergency.
Main Street Lending Act Provides Financial Relief to Mid-Size Companies
There are around 40,000 mid-size businesses employing 35 million Americans, but as of yet, financial relief measures have been targeted to small businesses and self-employed individuals.
Impact of the CARES Act on Employer Sponsored Defined Contribution Plans
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by President Trump on March 27, 2020, it contains several provisions that impact qualified retirement plans.
How the CARES Act Directly Helps Individuals
A central tenet of the CARES Act is providing immediate relief to individuals struggling as a result of the coronavirus epidemic.
Business Benefits Available, Courtesy of the CARES Act
The historic $2.2 Trillion CARES Act provides several business tax benefits, some of which can quickly provide cash flow.
Forgivable Small Business Loans – How the $2 Trillion Stimulus Bill Can Help You
As business owners struggle with the effects of the coronavirus epidemic, Congress is on the precipice of enacting landmark legislation aimed at keeping the economy afloat over the next several months.
Plan Options for COVID-19 Impacted Businesses
The government’s response to COVID-19 has left many facing forced closure or seismic changes to sales and expense forecasts. This new reality has left business owners looking for ways to bolster working capital while reducing fixed and other costs
IRS Issues Tax Extension Guidance for Taxpayers
On March 13, 2020, the President of the United States issued an emergency declaration under the Stafford Disaster Relief and Emergency Assistance Act in response to the ongoing Coronavirus Disease pandemic.
Tax Filing Deadline Extended 90 Days
This morning, the US Treasury Secretary stated “We are moving Tax Day from April 15 to July 15” on Twitter. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
Tax Developments: Payment Deadline Changes and New Legislation
Late Wednesday afternoon, Treasury released Notice 2020-17, which defined the previously discussed payment extensions. Tax payments due April 15, 2020, including both 2019 income tax payments and 2020 estimated income tax payments, are postponed until July 15, 2020.