On Thursday March 11th President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”). The law contains provisions to help businesses and individuals recover from economic hardships due to Covid-19. This Client...more
On Friday August 28th the IRS issued limited guidance on the payroll tax deferral that was part of President Trump’s August 8th executive order. Under IRS Notice 2020-65 (the “Notice”), employers are not required to withhold...more
9/1/2020
/ Coronavirus/COVID-19 ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Payroll Taxes ,
Popular ,
Social Security Taxes ,
Tax Deferral ,
Tax Liability ,
Wage and Hour ,
Withholding Tax
The COVID-19 pandemic has impacted almost every business and nonprofit organization. Many experts have written about how nonprofits can handle fundraising during the crisis, suggesting increasing donor engagement, staying the...more
The Senate has passed legislation (H.R. 7010) providing more flexibility to recipients of loans under the Paycheck Protection Program (PPP). The legislation already passed the House and now just awaits President Trump’s...more
On May 13, 2020, the SBA revised its frequently asked questions and added question #46 – “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” In order to receive a...more
On April 9, 2020, the IRS issued Notice 2020-23 (the “Notice”), which updated Notices 2020-18 and 2020-20 to provide additional relief to taxpayers affected by the COVID-19 pandemic. Specifically, the Notice benefits...more