The IRS and our home state of Illinois have announced postponing the deadline for all individual tax returns from April 15 to May 17 this year in realizing the hardship that many taxpayers are still experiencing as a result of the Covid-19 pandemic.
News
The President yesterday signed the American Rescue Plan Act into law, so the much anticipated $1.9 Trillion Covid-19 stimulus package is official.
On October 8, 2020, the Treasury and the Small Business Administration (SBA) announced a streamlined process for all loans under $50,000, and published a simplified application form.
Last month, an executive order was signed deferring a portion of payroll taxes. This means that employers can opt to not withhold certain taxes from their staff compensation for the rest of this year. For the employees, it means that they will get more take‐home pay now on the understanding that the sums not withheld […]
Dear Clients & Friends, As part of the CARES Act (Coronavirus Aid, Relief and Economic Security Act), the government created distinct provisions with regard to Required Minimum Distributions (RMDs) for 2020. Specifically, for all taxpayers (including individuals that turned 70 ½ in 2019) who are required to receive an RMD from their defined contribution benefit plan in 2020, this […]
Dear Clients & Friends, In our last article, we promised to update readers as soon as we could in order to clarify certain ambiguities in the Paycheck Protection Program Flexibility Act (PPPFA). We were especially concerned about an apparent ‘cliff edge’ that would result in no loan forgiveness at all, if borrowers spend less than […]