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Tax Planning
Businesses impacted from COVID-19 have numerous relief options available to them. We are here to help you navigate how the relief options are interrelated, and more importantly, how you can maximize the available relief options. An important backdrop to all of this is the intent of the programs is that you do not “double dip”...
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There are a number of relief options for businesses under the CARES Act but these measures are limited. Businesses need to act quickly if they need financial help to cover payroll expenses and other business expenses. Paycheck Protection Program Update The Paycheck Protection Program (PPP) has been a very popular relief program for many businesses....
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The Alabama Department of Labor released information regarding new online tools and the programs included in the CARES Act legislation. The new Claims Tracker helps claimants track their claims. The tool is designed to help people find the answers they need without having to spend time calling the Department of Labor.  There are several different...
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The IRS had previously extended the federal income tax filing and payment deadlines for tax year 2019 to July 15, 2020. The most recent notice expands the relief to include the following for individuals, trusts, estates, and corporations: Estimated tax payments – Payments due April 15, 2020 have already been extended, however the IRS also...
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The American Institute of CPAs, the AICPA-led Coalition, and other key stakeholders – collectively representing 44K CPA firms, 2.5M small businesses and 30M employees – have come together to drive a common understanding and approach around the implementation of the U.S. Treasury and Small Business Administration Paycheck Protection Program (PPP). Based on these collective discussions...
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On March 20th the IRS issued Release IR 2020-57 announcing that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided...
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As coronavirus (COVID-19) continues to spread, rattling financial markets, forcing the closures of businesses and schools, and canceling major public events across the country, the Trump Administration and Congress began taking steps to mitigate the impact on Americans. On March 13, 2020, President Trump declared a national emergency, which frees up $50 billion in funding for state and local...
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Treasury Releases Final Written Guidance on Tax Relief The due date for making Federal income tax payments due April 15, 2020 is postponed to July 15, 2020. The amount which can be postponed without penalty and interest is $1 million for an individual (whether married or single), trust or estate income tax return, and $10 million...
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Business owners may get nervous about having to file for a tax return extension, but it does have some benefits. This article discusses common cases where extensions are recommended and can be helpful to the business owner — even if they still have to pay estimated taxes by the April due date. A business tax...
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Among just 90 U.S. firms named to both lists, Anglin Reichmann Armstrong is starting the New Year right with a national Top Firm ranking through Forbes. In a U.S. survey vetted through a market research firm, Anglin joined 227 large and small firms as “the most recommended firms for tax and accounting services in the U.S.”...
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