COVID-19 Tax Alerts

IRS

Guidance Released on Social Security Withholding Deferral

Guidance Released on Social Security Withholding Deferral 400 400 SAX LLP - Advisory, Audit and Accounting

On August 8, 2020, the President issued a Presidential Memorandum directing the Secretary of the Treasury to defer the withholding, deposits and payment of certain payroll tax obligations.  On Friday,…

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IRS

Tax Alert: Update Regarding Issue With IRS Balance Due Notices

Tax Alert: Update Regarding Issue With IRS Balance Due Notices 400 400 SAX LLP - Advisory, Audit and Accounting

Many taxpayers have been receiving balance due notices for filed tax returns where the payments were indeed mailed in. The IRS is aware of this issue and is advising the…

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Required Minimum Distribution

Rollover Deadline for 2020 Required Minimum Distributions Extended to August 31, 2020.

Rollover Deadline for 2020 Required Minimum Distributions Extended to August 31, 2020. 400 400 SAX LLP - Advisory, Audit and Accounting

The Coronavirus Aid, Relief, and Economic Security (CARES) Act waives required minimum distributions (RMDs) from defined contribution tax-qualified retirement plans and IRAs (including inherited IRAs) for 2020.  This includes 2019…

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Tax Alerts

Tax Alert: Business Aid and Tax Provisions in Pending HEROES Act

Tax Alert: Business Aid and Tax Provisions in Pending HEROES Act 400 400 SAX LLP - Advisory, Audit and Accounting

On May 15, the House passed H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act providing over $3 trillion to federal agencies, state and local governments, small…

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NJ Tax Alert

Tax Alert: New Jersey Filing Date Extended

Tax Alert: New Jersey Filing Date Extended 400 400 SAX LLP - Advisory, Audit and Accounting

The New Jersey Legislature passed a bill yesterday, April 13, that would extend the tax filing and payment deadline for returns that are due on April 15, 2020. Governor Murphy…

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Payroll taxes

Payroll Taxes Can Be Deferred, Even If You’re Taking Advantage of the Paycheck Protection Program

Payroll Taxes Can Be Deferred, Even If You’re Taking Advantage of the Paycheck Protection Program 400 400 SAX LLP - Advisory, Audit and Accounting

There was some uncertainty on the interaction between the payroll tax deferral and the Payroll Protection Program (PPP).  Interpretations ranged from: Whether the employer would be eligible for loan forgiveness…

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COVID-19 Business Relief

CARES ACT to Provide COVID-19 Relief for Businesses

CARES ACT to Provide COVID-19 Relief for Businesses 400 400 SAX LLP - Advisory, Audit and Accounting

On March 27, 2020, President Trump signed the “Coronavirus Aid Relief, and Economic Security Act” (CARES Act), allocating $2.2 trillion in spending and tax breaks to increase liquidity in the…

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Filing Deadline Extended

The IRS Extended the Tax Filing Deadline from April 15 to July 15

The IRS Extended the Tax Filing Deadline from April 15 to July 15 400 400 SAX LLP - Advisory, Audit and Accounting

As an update on the tax filing deadline, Treasury Secretary Mnuchin announced on Friday, March 20 that the IRS will be extending the tax filing deadline from April 15 to…

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