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Important Update on the Loan Forgiveness Phase of the PPP
If you are participating in the Paycheck Protection Program (PPP) and have received your funding, it is likely you have questions about the second phase of the program – loan
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Good News for PPP Loan Recipients Regarding Deferral of Payroll Taxes
The IRS released FAQs on Sec 2302 of the CARES Act, Delay of Payment of Employer Payroll Taxes. This provision generally provides that employers may defer the deposit and payment
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Important Notice Regarding Legal Implications for Clients Who Have Applied for Loans from the PPP
The accounting, tax and general business implications of COVID-19 is a rapidly evolving situation. BMSS will provide an update and/or revised information as it becomes known to us and we
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IRS Issues Additional Relief Measures
Late Thursday afternoon (April 9), the IRS issued News Release 2020-66, in which they announced that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. The notice, which
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IRS & ADOR Operations – Beyond the Postponement of Payments and Filing until July 15
Much attention has already been given to the postponement from April 15 to July 15 of certain payments of tax and filings. The Internal Revenue Service (IRS) announced this postponement in Notice
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Most Recent Update on the Paycheck Protection Program
Almost one week ago, the Paycheck Protection Program (PPP) created under the CARES Act was launched by the Small Business Administration and banks across the country. The rollout of this
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Update on SBA Paycheck Protection Program for Individuals & Business Owners
Last night, the SBA released FAQs on the Paycheck Protection Program (PPP). These FAQs are linked here for your reference. Below are some highlights showing clarifications organized by question number
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President Trump Signs Into Law CARES Act
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The
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Senate Passage of CARES Act – Awaiting House Action and Signature of the President
The Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. With a $2.2 trillion price tag, the bill is the most expensive piece of legislation ever passed. The
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Tax Filing Deadline Moved to July 15, 2020; Additional New Developments from Washington
*There is no longer a $1 million limit on the amount that can be deferred. It is unlimited now. Please see below for important updates regarding relief efforts that have
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President Trump Signs the Families First Coronavirus Response Act
President Trump Signs the Families First Coronavirus Response Act On Wednesday, March 18, 2020, the Senate passed the Families First Coronavirus Response Act (FFCRA), after which the bill was signed
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Important Updates Regarding Washington’s Response to the Coronavirus
Please see below for important updates regarding relief efforts that have evolved over the last day or two. Plan to Send Checks to Americans Being Discussed But Still Evolving: In
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