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.

2020-03-28T12:27:43-04:00March 27, 2020|Categories: Tax: Business, Tax: Individual, Tax: International|

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.

2020-03-26T15:43:26-04:00March 25, 2020|Categories: Tax: Business, Tax: Individual|Tags: |

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.”

2020-03-22T19:05:35-04:00March 20, 2020|Categories: Tax: Business, Tax: Individual|Tags: |

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. 

2020-03-19T16:16:54-04:00March 19, 2020|Categories: Tax: Business, Tax: Individual|Tags: |

State Tax Authorities Issue Special Coronavirus Provisions

Several state tax authorities have announced various relief provisions for businesses and individuals impacted by the Coronavirus.  In many cases, the provisions are an emphasis of relief provisions already available such as extensions to file

2020-03-19T16:23:16-04:00March 17, 2020|Categories: Tax: Business, Tax: State & Local|Tags: |

Proposed Coronavirus Emergency Leave: Impact on Employers

On Friday the House of Representatives passed H.R. 6201, the Families First Coronavirus Response Act.  The legislation will be voted on by the Senate this week.  This act has bi-partisan support and is expected to pass quickly.  Once enacted, this bill has implications for many of our clients.

2020-03-17T11:39:15-04:00March 16, 2020|Categories: Leaders: Tax, Tax: Business, Tax: Credits & Incentives, Tax: Individual|

Extending the Deadline to Pay but not for Filing

Taxpayers are likely wondering why the federal government is extending the time to pay taxes, but not extending the time to file taxes.   Filing an extension is an easy process and can be done very easily by practitioners electronically through their tax software. 

2020-03-19T16:20:24-04:00March 16, 2020|Categories: Tax: Business, Tax: Individual|

Section 179D Tax Deduction Extended for Commercial Building Owners and Designers

Energy-efficient building design has been gaining more traction in recent years. When sourcing renewable materials or designing for sustainability, there are more ways than ever for building owners and designers to save money on taxes and offset construction costs.

Pass-Through Deduction Impacts Deal Making

Source: RSM US LLP.  PBMares is a member of RSM US Alliance.
Partnerships (and LLCs taxed as partnerships) are common vehicles for the portfolio companies that private equity funds acquire.

2020-03-02T21:31:06-05:00February 5, 2020|Categories: Business Advisory, Tax: Business|Tags: , |