Important Dates to Keep In Mind April 4/15/20 – FBAR FinCEN Form 114 Report of Foreign Bank and Financial Accounts due (automatic extension to 10/15/20) 4/30/20 – Due date for employer’s quarterly tax return (form 941) May 5/15/20 – Due date for tax-exempt organizations, non-exempt charitable trusts, and section…
The U.S. Small Business Administration (SBA) has released the “Paycheck Protection Program Loan Forgiveness Application,” which contains information on PPP Loan forgiveness along with instructions for completing the application form. The SBA said its form and instructions are designed to reduce compliance burdens and simplify the process for borrowers. The…
U.S. Treasury and SBA released on May 13, 2020 the much-anticipated FAQ related to the “Economic Uncertainty” certification. They previously posted this guidance was pending on May 5, 2020 and is critical in timing as they had specified a May 14, 2020 compliance deadline. A link for the full FAQ…
We have provided an update to the “economic uncertainty” language and the good-faith certification. Read More. The U.S. Treasury Department and the SBA are issuing new guidance on eligibility and use of Paycheck Protection Program loan funds under the CARES Act. However, their determination of ‘economic uncertainty’ and the ‘good…
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…
Anglin Reichmann Armstrong has developed a process to help you model potential forgiveness scenarios for PPP loan forgiveness. This is a critical process to pursue now because it will support your decisions for timely staffing/rehiring as well as proper use of PPP loan funds during the eight-week covered period. Contact…
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…
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…
The federal government released new guidelines, formally known as Opening Up America Again, for states to plan to reopen the economy and business activity. The guidelines suggest data dependency (based on COVID-19 cases and statistics) and follow 14-day trends. The final decisions on reopening plans will be issued by state…
The Paycheck Protection Program loans as aligned with the Coronavirus Aid, Relief and Economic Security Act (CARES Act) were made available for application April 3, 2020. Already, there has been high interest and demand in this program, which is accessible for eligible employers through SBA-insured 7(a) program lenders and other…
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…
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)….
We are monitoring developments in the U.S. Congress regarding an emergency relief stimulus package that includes individual taxpayers and businesses. Today, we received a briefing that laid out some key provisions, but bear in mind that the U.S. House still needs to pass the bill, currently known as the Coronavirus…
The Families First Coronavirus Response Act (FFCRA) is slated to take effect April 1, 2020. We know that it leaves affected employers with many questions regarding their responsibilities to provide paid family and sick leave to employees impacted by COVID-19. Our team at Anglin Reichmann Armstrong has summarized some of…
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…
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…
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…
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…
Joint hosts, Unanet and Anglin CPA, invite you to the 3rd Annual Huntsville GovCon Growth Summit on Wednesday, March 11th, at the beautiful Jackson Center in Research Park. The day will kick off with a keynote presentation by Col. Kelsey Smith. The U.S. Army garrison commander will review 2019 developments…
As we embark upon this new year which is complete with new deadlines and agendas it is imperative that the Department of Labor (DOL) New Overtime Rules are part of the new year planning and evaluation. The final rule which is effective as of January 1,2020 includes an increase in…
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