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.
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Internal Revenue Service (IRS) has just announced new guidance on retroactive changes to the employee retention credit, expanding its availability and wage limitation to $10,000 per employee per quarter.
Last summer, we wrote about the importance of keeping employees safe during the pandemic, both for their sake and to protect your business from possible litigations.
A lot has happened since our last PPP update on January 12. While the President has already raised the prospect of a new stimulus package, as expected, there is continuity on existing programs, so the details included in our last update are still valid.
The Small Business Administration (SBA) and Treasury have now issued guidance and released application forms for the second round of the Paycheck Protection Program (PPP2).
Just in time for the holiday season, there is welcoming news with Congress passing a $900 Billion Covid-19 Relief Bill. This new legislation expands the Paycheck Protection Program (PPP) to include a new round of forgivable loans for small businesses.