As discussed in our post on March 24, 2020, New York State had previously announced that certain businesses that missed the March 20, 2020 due date for filing sales tax returns covering the quarter (or year) ended on February 29, 2020 were eligible for relief from penalties and interest, if such businesses missed the due date due to the COVID-19 outbreak. Under the original provisions of the r...
On May 15, 2020, the Small Business Administration issued the form for requesting forgiveness of loans under the payroll protection program (“PPP.”) The form and it’s instructions is available at: https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf Update: The Treasury Department and the Small Business Administration have announced that they...
As discussed in our posts on April 14, 2020, April 9, 2020, and March 31, 2020, the federal law enacted on March 27, 2020 includes a provision to send recovery rebates to taxpayers. The IRS now refers to these payments as economic impact payments. The IRS has sent numerous economic impact payments to taxpayers who are deceased. On May 6, 2020, the IRS updated its frequently asked questions (...
The IRS recently issued Notice 2020-32, which disallows the deduction for wages or certain other expenses paid with proceeds from a loan from the Payroll Protection Program, to the extent that the loan is forgiven. (Such forgiveness is excluded from income.) Some members of Congress have indicated that they disagree with this interpretation and have introduced new legislation to change this tr...
