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,…
read more 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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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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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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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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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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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 economy, provide relief for individuals and businesses, as well as specific industries most seriously harmed by this pandemic.
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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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