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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

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

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

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

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

Important Update on the Paycheck Protection Program

In the latest effort to help small businesses and individuals, the CARES Act was announced last week. This past Wednesday, the Treasury Department provided the application with a subsequent revision

Department of Treasury Releases the Paycheck Protection Program Application

The Department of Treasury just released the Paycheck Protection Program (PPP) application and supplemental information on their website. This program is designed to assist small businesses in keeping their employees

Protecting Yourself Against Identity Theft and Fraud

With the increase of electronic communication and web traffic, there has been a rise in identity theft and fraud. Please be aware and cautious of the following: Websites purporting to

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

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

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

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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