Newsletters

SBA Loan Resources

SBA Loan Resources for Small Business during COVID-19 The Small Business Administration (SBA) understands that every industry, business, nonprofit and state is facing a financial impact, but small businesses are bearing the brunt of the disruption. There are two types of SBA loans during COVID-19: Disaster Loans under 7(b)(2) are available online directly through the SBA pursuant to a declared disaster. Eligibility requirements are currently relaxed, funds are paid within days, and the first $10,000 can be converted to a grant that does not require repayment. Paycheck Protection Loans under 7(a)…

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2019 IRA, HSA, and Archer MSA Contributions

The IRS Questions and Answers posted yesterday state that relief has been provided to allow more time to contribute money to your IRA, HSA, or MSA for 2019. Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020….

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Families First Coronavirus Response Act

An emergency bill was signed into law on Wednesday, March 18th, and will go into effect on April 1, 2020. This law covers paid sick leave and expanded FMLA related to COVID-19 for companies under 500 employees. The Department of Labor has posted information at https://www.dol.gov/agencies/whd/pandemic/ffcraemployer-paid-leave explaining the 6 qualifiers for paying 80 hours of sick leave if an employee is unable to work or telework. An additional 10 weeks of partially paid leave may also be available to care for a child whose school or child care provider is closed…

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Tax Day has been moved to July 15th

In response to the COVID-19 pandemic, the IRS has issued Notice 2020-18 to provide relief from tax deadlines. The due date for filing Federal income tax returns has been postponed automatically from April 15, 2020 to July 15, 2020. Extension forms are NOT required. This applies to individual (Form 1040), fiduciary/trust (Form 1041), gift tax (Form 709), corporate (Form 1120), and retirement plan trust and IRA (Form 990-T) returns. Federal income tax payments that are normally due on April 15 have also been moved to July 15, 2020. This includes…

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Updated – Tax Filing Reminders

Originally April 15th –  These due dates have now been moved to July 15, 2020 Due date for 2019 individual income tax returns Due date for making 2019 IRA, HSA, and Archer MSA contributions Due date for 2019 calendar-year C corporation income tax returns Due date for 2019 calendar-year fiduciary income tax returns Due date for 2019 Forms 990-T for retirement plans and IRAs Due date for the first installment of 2020 estimated tax Due date for 2019 gift tax return May 15th  Due date for Forms 990 and 990-T for 2019…

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UPDATE – 2019 Gift Tax Return Due July 15

As of March 27, 2020, the IRS is allowing individuals three more months to report taxable gifts, adding to the growing list of tax relief measures the agency has already provided to address the COVID-19 pandemic. Any person owing federal gift tax or generation-skipping transfer tax on April 15 will now have until July 15 to make that payment, free of interest or penalties. The due date for filing Form 709 to report gifts has also been pushed back. If you made large gifts to your children, grandchildren or others…

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