The passing of the CARES Act on Friday provides relief to small businesses through programs administered by the Small Business Administration (SBA) and other important provisions for relief to individual taxpayers.
Dear Clients and Friends, As we have previously reported, the Internal Revenue Service announced Federal income tax return filing and payment relief by moving the due date for filing tax returns and paying the related taxes from April 15th to July 15th. The Service has released guidance as to which tax returns and their related payments […]
Dear Clients and Friends, On Friday afternoon Illinois Governor J.B. Pritzker placed a “shelter at home” for all state residents, except to obtain essential items, until April 7th. Several other states have issued similar orders. To help ensure the health and safety of our clients and team members, we have closed our office to allow […]
Dear Clients and Friends, The Treasury Department and Internal Revenue Service announced that the 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations. Taxpayers do […]
As part of a series of new measures to relieve pressure on small businesses, the State of Illinois announced that it is allowing the deferral of sales tax payments by waiving all penalties and interest for two months. The provision is expected to benefit 24,000 small and medium sized bars and restaurants, accounting for nearly […]
As we continue to monitor and adjust to developments related to the Coronavirus pandemic, the environment has proven our technology investment in recent years is paying dividends. In that we are unable to currently meet with you personally, we can utilize technology to help us all get through this together.
Yesterday IRS and the Department of Treasury announced that taxpayers will be allowed to defer payments related to 2019 tax returns until July 15th, thereby providing 90 extra days to pay additional tax. The amount of tax that can be deferred is capped at $1 million for individuals and $10 million for corporations. The payment extension […]