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Other Provisions of CARES Act

As discussed in our separate post discussing Recovery Rebates, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted on March 27, 2020.  In addition to the Recovery Rebates discussed in that separate post, the law also contains numerous other tax provisions.  Below is a summary of the other major provisions. Qualified Improvement Property: A tax provision that has languishe...

Recovery Rebates

The Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted on March 27, 2020.  The law includes a provision to provide recovery rebates for certain taxpayers.  The recovery rebates will be sent to eligible taxpayers by the IRS without taxpayers needing to take any action.  The law directs the IRS to send the recovery rebates as soon as possible, and the IRS indicated in a news ...

New York Due Date Deferral

New York has finally issued guidance that confirms that the New York State due date will be deferred to match the new federal due date for New York State income tax returns and payments. In Notice N-20-2, Announcement Regarding Relief from Certain Filing and Payment Deadlines due to the Novel Coronavirus, COVID-19, New York indicates that both the due date for filing 2019 returns and the due dat...

Federal Paid Leave for COVID-19

On March 18, 2020, the Federal Families First Coronavirus Response Act was enacted.  The paid leave rules are effective 15 days after the enactment date, which is April 2, 2020 and they expire after December 31, 2020.  The law generally requires employers with fewer than 500 employees to provide certain paid leave for employees. Employees who are quarantined due to the coronavirus and/or exper...