Newsletters

Tax Filing Reminders

July 15th due date The following Federal tax returns and payments with original or extended due dates on or after April 1, 2020, and prior to July 15, 2020 have been automatically extended to July 15, 2020. 2019 individual income tax returns 2019 gift tax returns Corporation income tax returns Partnership income tax returns Fiduciary income tax returns Exempt organization Forms 990, 990-EZ, 990-N and 990-T Private Foundation Form 990-PF 2019 Forms 990-T for retirement plans and IRAs Form 5500 series First installment of 2020 estimated tax Second installment of…

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SBA Issues a Short Form for Easy Application for PPP Loan Forgiveness

The Small Business Administration (SBA) has released Form 3508EZ, a simplified loan forgiveness form for entities that took part in the Paycheck Protection Program (PPP). Per the SBA, loan forgiveness will be based on the employer keeping employees or rehiring quickly to maintain salary levels. The forgiveness will be reduced if the number of full time employees decreases, or if wages decline. Copy of Form 3508EZ can be found here. Instructions can be found here. The Form 3508EZ is available for borrowers meeting one of the following criteria: Scenario #1…

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Updated: 2020 RMD Withdrawal and Redeposit Rules

New, more lenient provisions have been passed.  This article is an update to news we posted in May 2020. In March, the Corona Aid, Relief, and Economic Security (CARES) Act was passed to provide relief to individuals, small businesses, medical organizations and government entities. Although the CARES Act is best known for the stimulus check provision and Paycheck Protection Program (PPP) loans, it also included a provision to waive the required minimum distribution (RMD) requirement for 2020. What plans are covered? The waiver of the RMD applies to a broad…

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Oklahoma Business Relief Program Reopens July 14

The Oklahoma Department of Commerce designated up to $50,000,000 received by the State of Oklahoma from the Federal CARES Act to help ensure the survival and stability of small businesses impacted by COVID-19. This grant program is available to Oklahoma companies who have suffered a revenue loss of 25% or more during March, April and May 2020, that is substantially caused by the impact of COVID-19. Grant amounts equal two months of average total payroll, not to exceed $25,000. Grant funds must be used for business expenses not covered or…

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PPP Loan Extension

A five-week extension of the Paycheck Protection Program (PPP) was approved on July 4. This new legislation extends the June 30 PPP loan application deadline to August 8, 2020. This is intended to provide more time for small businesses to apply for approximately $130 billion in remaining PPP funding. The PPP was launched in early April as the COVID-19 pandemic battered the U.S. economy and forced many businesses to close. The program provides forgivable loans that small businesses and other qualifying entities can use to cover payroll and other select…

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