The Last Word on the Payroll Protection Program… Well at Least in 2020!November 4, 2020
If you are reading this, congratulations on surviving. 2020 is the benchmark of change and chaos highlighting that survival and success favored those prepared. The PPP loan program saw the issuance of more than 4.9 million loans to small businesses around the U.S. Many business owners may be numb about the news and latest revisions …
New Jersey Pass – Through Business Alternative Income Tax ActOctober 27, 2020
Legislation was passed on January 13, 2020 establishing a pass-through business alternative tax (PTBAT). How Does It Work Starting in 2020, pass-through entities may elect to pay a PTBAT. Paying the tax is an annual election. The tax is based on each member’s share of distributive proceeds. Distributive proceeds mean “net income, dividends, royalties, interest, …
IRS Temporarily Stops Mailing Three Balance-Due NoticesAugust 28, 2020
The IRS currently has a large backlog of unopened mail, creating confusion in taxpayers receiving balance-due notices for payments previously submitted. To reduce miscommunication, the IRS is suspending the automatic mailing of three balance-due notices. Read More
Telecommuting and Sales NexusAugust 18, 2020
Nexus Based on COVID-19 Telecommuting This chart shows which states have issued specific guidance on whether telecommuting employees temporarily working in a state due to the impact of COVID-19 create corporate income tax nexus for an employer who does not operate in that state. See Corporate Tax Chart This chart shows which states have issued …
IRS Provides Guidance on CARES Act Waiver of Required Minimum DistributionsJune 26, 2020
On June 23, 2020 IRS released updated guidance in regard to Required Minimum Distributions (RMD) for 2020. Specifically, Notice 2020-51 provides rollover relief (including an extension of the 60-day rollover period to August 31, 2020), permits certain repayments to inherited IRAs, and sets out Q&As regarding the waiver of 2020 RMDs. The Notice allows taxpayers …
Mnuchin May Consider Extending Tax Filing Due Date AgainJune 26, 2020
Treasury Secretary Steven Mnuchin said on June 23 that he may consider delaying the July 15 deadline for filing tax returns originally due on April 15. Generally, the due date for an individual’s income tax return is April 15. But due to COVID-19, for an individual, the due date for filing Federal income tax returns …
Paycheck Protection Program Loans: Frequently Asked Questions – Updated May 13, 2020May 13, 2020
The Paycheck Protection Program can be challenging to interpret. With many lenders inundated and unable to advise, Curchin is committed to providing the guidance that business owners need in order to navigate the nuances of applying for a PPP loan and meeting the requirements for loan forgiveness. Start by reading the official Frequently Asked Questions …
IRS PPP Clarification Notice 2020-32May 8, 2020
In response to the Paycheck Protection Program loan forgiveness, the IRS on April 30, 2020 released Notice 2020-32. To keep it simple, if you have received loan proceeds under the PPP plan and the loan or portions of the loan are forgiven, the expenses associated with the loan forgiveness are not deductible. Initial understanding and …
IRS Strikes Back on PPP Loan ExpensesMay 1, 2020
In response to the Paycheck Protection Program loan forgiveness, the IRS on April 30, 2020 released Notice 2020-32. To keep it simple, if you have received loan proceeds under the PPP plan and the loan or portions of the loan are forgiven, the expenses associated with the loan forgiveness are not deductible. Initial understanding and …
1031 Extension Due to COVID-19 Emergency – Updated April 13, 2020April 13, 2020
On April 9, 2020 the IRS issued Notice 2020-23, extending a variety of deadlines, including 1031 deadlines. The Notice extends any 45-day or 180-day deadline that occurs between April 1 and July 14, to July 15, 2020. Here are two examples to illustrate the current extension. Example 1: Exchange began April 5, 2020. 45th day …