During the COVID-19 crisis, you may want to loan money to a family member in need of financial assistance. However, before writing out a check, you should review the federal tax rules to ensure that you’re making a tax-smart loan. The good news is that now is generally an advantageous time to lend money to… Continue reading
Monthly Archives: June 2020
COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines
As a COVID-19 relief measure, the IRS has postponed many of the usual federal tax filing and payment deadlines, along with the deadlines for taking certain other tax-related actions. Generally, deadlines for federal income tax return filing and payments that would otherwise fall on or after April 1 and before July 15 have been postponed to… Continue reading
Last-Minute Strategies for Businesses that Deferred Filing Tax Returns
Postponed Deadlines for Business Entities The IRS has postponed until July 15 deadlines for federal income tax. This includes payment obligations and filing obligations that would otherwise fall on or after April 1, 2020, and before July 15, 2020. The crisis-relief measures depend on how your business is structured: For calendar-year C corporations. The normal… Continue reading
Tax Tips for Individuals Who Haven’t Filed a Return for 2019
As part of the federal government’s tax relief measures during the COVID-19 pandemic, the IRS extended key deadlines for the 2019 tax year and for making 2020 estimated tax payments until July 15, 2020. If your 2019 personal return is still awaiting completion, you may have significant retroactive tax-planning flexibility. Postponed Deadlines for 2020 Estimated… Continue reading
How to Plan for a PPP Audit
The Small Business Administrator, Jovita Carranza, and U.S. Treasury Secretary, Steven Mnuchin, recently announced that recipients of Paycheck Protection Program (PPP) loans of $2 million or more should expect an audit if they apply for loan forgiveness. Here are some tips to position your small business or not-for-profit organization to receive the maximum allowable forgiveness, as… Continue reading
