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 …
NJ Workers: Frequently Asked Questions During the Coronavirus Emergency – Updated April 8, 2020April 8, 2020
On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (FFCRA), which provided additional flexibility for state unemployment insurance agencies and additional administrative funding to respond to the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27. It expands states’ ability …
State Income Tax and Corporation Business Tax Filing Deadlines Extended to July 15th – Updated April 1, 2020April 1, 2020
TRENTON – Governor Phil Murphy, Senate President Steve Sweeney and Assembly Speaker Craig Coughlin issued the following joint statement today on the tax filing deadline and the state budget timetable: “The ongoing COVID-19 pandemic has caused hardships, financial strain and disruptions for many New Jerseyans and New Jersey businesses. As part of our response, we …
The CARES Act – Summary of Tax Provision – Updated March 31, 2020March 31, 2020
Dear Clients, Business Associates and Friends: We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. In …
7 Effective Tax Saving Tips You Need to Know: 2020 EditionJanuary 17, 2020
April is tax season, and for some people that can be scarier than Halloween. The average American can expect to pay a little over $10,000 a year in taxes, or 14 percent of their household income. That’s a sizeable tax bill and one that many people would rather not have to shoulder. Fortunately, there are …
Overview of Provisions of the SECURE Act Affecting IndividualsJanuary 9, 2020
Congress recently passed and the President signed into law-the SECURE Act, landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the time to consider how these new rules may affect your tax and retirement-planning situation. Here is a look at …