Tax Warrior Chronicles

Opportunities to Increase Cash Flow from 2018–2020 Business Losses

Posted on Wed, Apr 22, 2020

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides relief to taxpayers with net operating losses (“NOLs”) and excess business losses (“EBLs”) arising in taxable years 2018 to 2020.  The IRS recently issued guidance related to the new NOLs rules under the CARES Act, which are favorable to taxpayers seeking such relief.

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Delay of Payment of 2020 Employer Payroll Taxes

Posted on Tue, Apr 14, 2020

When Congress enacted the Coronavirus, Aid, Relief and Economic Security Act (CARES Act), the goal was to provide flexibility to businesses during an unprecedented time.  Section 2302 of the CARES Act seeks to provide flexibility by allowing businesses, and self-employed individuals, to defer payment of the “employer” portion of Social Security taxes.

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IRS Expands Extension Relief - Now Includes Q2 2020 Individual Estimates

Posted on Thu, Apr 09, 2020

On April 9, 2020, the IRS released Notice 2020-23, providing additional relief for taxpayers affected by the ongoing coronavirus disease 2019 pandemic.  The relief provided expands the application of and provides greater clarity about prior guidance about extended federal filing and payment due dates.

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Beware of COVID-19 Scams and CARES Act Economic Impact Payment Update

Posted on Thu, Apr 09, 2020

UPDATED APRIL 24, 2020 for mailing dates of checks.

 

As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Congress provided financial relief for many taxpayers with the introduction of a 2020 tax credit to be advanced to eligible taxpayers as “Recovery Rebates” (also referred to as Economic Impact Payments). These rebates will be issued as cash payments by the IRS and are expected to begin in April 2020.  Without missing a beat, scammers jumped on the opportunity to use Recovery Rebates as a cover to steal money and personal information from hard working families for financial gain. Read on for more information about the recovery rebates and how to avoid

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PPP Update #3 - Paycheck Protection Program Loan - Regulations & Final Application Released

Posted on Fri, Apr 03, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: Updates #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

At this point, our readers should be familiar with the Paycheck Protection Program (PPP), the intent behind it, and the guidance issued as of April 2, 2020.  Today we have summarized key changes included in the new guidance issued overnight between April 2 and April 3, including the Final Borrower Application and related regulations.

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Need Liquidity? The Paycheck Protection Program Loan Under the CARES Act Can Help

Posted on Tue, Mar 31, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

To assist small businesses through the coronavirus-related economic slowdown, the recently enacted Coronavirus Aid, Relief and Economic Security Act (CARES Act) provides emergency assistance through a significant expansion of the Small Business Administration Section 7(a) loan program.  The program is structured to incentivize employers to retain and pay their employees.  We will refer to these loans as Paycheck

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Update on Federal and State Tax Deadlines

Posted on Wed, Mar 25, 2020

UPDATED April 1, 2020

 

As of April 1, 2020, many states have released guidance to extend their tax filing or payment deadlines to align with IRS Notice 2020-18 or to provide their own extended filing or payment dates, while others are still slow to take action.  Additionally, on March 24, 2020, the IRS has also released information addressing Frequently Asked Questions (FAQs) and on March 27, 2020 the IRS issued Notice 2020-20.  Today’s blog will update you on the most current information available regarding federal, state and select local tax filing and payment deadlines.

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IRS Provides Expanded Relief for All Taxpayers with April 15 Deadlines

Posted on Fri, Mar 20, 2020

Late in the evening on Friday, March 20, 2020, the Treasury Department and the IRS issued Notice 2020-18, restating and expanding relief provided in Notice 2020-17.  Read on for the details of the expanded relief.

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Families First Coronavirus Response Act Enacted

Posted on Thu, Mar 19, 2020

The Families First Coronavirus Response Act (Families First Act) was approved by the Senate on March 18, 2020, and swiftly signed by the President into law.

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