Paycheck Protection Program Updates
Additional information and guidance related to the Paycheck Protection Program was recently released. Click to learn more about the additional round of funding allocated for PPP Loans.
Tax and Financial Impact of COVID-19 on NFP Organizations
It’s been six weeks since much of life as we know it changed drastically. Many NFP organizations have been forced to shut down, while others are able to still operate at a lesser capacity. Click above to learn more about the impact of COVID-19.
Recent Guidance for Individuals and Businesses
Over the past few days both the IRS and Small Business Administration released additional guidance to help taxpayers navigate the current COVID-19 crisis. Click for additional information available for both individuals and businesses.
IRS Grants Additional Tax Payment and Filing Relief
On April 9, 2020, the IRS released Notice 2020-23, which is an update to Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic. This notice provides additional relief to any relief previously granted.
SBA Releases Revised PPP Application and Information for PPP Participants
As part of the CARES Act, the Small Business Administration (SBA) is charged with administering the Payroll Protection Plan (PPP). Click to access the revised loan application and fact sheet for borrowers and lenders.
Coronavirus Aid, Relief and Economic Security Act (CARES Act)
The CARES Act provides provisions for a new coronavirus related distribution, repayment of distributions, increased loan limits, extended loan repayment periods and waiver of the 10% early distribution penalty. Click to find out more.
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”), a massive $2 trillion piece of legislation intended to address the extraordinary impact of the coronavirus (COVID-19) pandemic.
Families First Coronavirus Response Act
On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (the “Act”), which is one of many pieces of legislation that will address the various impacts of the COVID-19 pandemic.
Mid-year Suspension of Safe Harbor Contributions
Many disruptions and changes will continue due to the COVID-19 crisis. To help answer questions regarding challenges associated with 401(k) safe harbor contributions, we prepared a question and answer resource.
IRS and NCDOR Extend April 15th Tax Filing and Payment Date
Just days after issuing guidance deferring the payment of certain tax obligations but maintaining the April 15 tax filing deadline, the IRS has changed course and announced in Notice 2020-18 that it is indeed extending the April 15 tax filing deadline.