On April 23, 2020, the Small Business Administration (“SBA”) issued additional guidance (in an update to its previously published FAQs, a current version of which can be found here) regarding whether businesses owned by large companies qualify for a Paycheck Protection Program (“PPP”) loan under Section 1102 of the Coronavirus Aid, Relief, and Economic Security Act …
New Deadlines for Retirement Plans, Tax Filings and Paid Leave Policies
The Coronavirus Aid, Relief and Economic Security Act (“CARES”), and IRS and Department of Labor (“DOL”) rules establish new and revised deadlines for retirement plans and other benefit programs. The following is an outline of key dates: Item Date Paid Leave Effective date for paid sick and childcare leave under Families First Coronavirus Relief Act …
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Relief for Partnerships
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) offers tax relief which may be beneficial to entities taxed as partnerships. These provisions include (i) retroactive relief for entities taxed as partnerships by temporarily increasing the interest deduction limitation from 30% to 50% of adjusted taxable income, and (ii) clarifying that “qualifying investment property” …
Alternate Valuation Date to Reduce Estate Tax
If your loved one recently died with a taxable estate, you might consider using an alternate valuation date to reduce estate tax. A Federal Estate Tax Return Form 706 is due 9 months after date of death, and tax is due on an estate with assets that exceed $11.58 million in 2020. An individual’s assets …
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Even COVID-19 Can’t Stop the Scammers
With the extension of the income tax filing season through July 15th and the forthcoming stimulus funds that will be distributed to taxpayers, it is important for everyone to stay vigilant to avoid scammers and fraudsters who continue to prey on taxpayers. If you receive a stimulus check in the next few weeks, it is …