The FTB has posted the following new FAQs about conformity to various portions of the CARES Act: Q: Are the payments that individuals receive from the federal government (i.e., $1,200 [$2,400 for individuals filing a joint return] and $500 per qualifying child) under the recently enacted federal CARES Act subject to California income tax? A: […]
IRS launches tool for non-filer economic impact payments (04-10-20) The IRS has created a new website that allows non-filers to request economic impact payments. (IR-2020-69) Individuals receiving Social Security retirement or disability benefits, or Railroad Retirement benefits, are not required to use this new tool to receive their payments. The IRS will still rely on Form […]
IRS provides additional extensions and NOL guidance (04-09-20) The IRS has now expanded its extension relief to most taxpayers who had income tax filing and/or payment obligations due on or after April 1, 2020, and before July 15, 2020, including second-quarter estimated tax payments that fall within this period. (IRS Notice 2020-23) These taxpayers will now […]
Corona Virus Aid, Relief and Economic Security ACT (H.R. 748) Payroll Protection loans In addition to the tax provisions we previously reported, the CARES Act provides for Payroll Protection loans of up to $10 million to COVID-19 impacted businesses: The loans are guaranteed 100% by the Small Business Administration (no personal guarantees or collateral required); […]
January 31, 2020 W-2s / 1099’s Now July 15, 2020 was March 16, 2020 Partnerships / LLC’s S-Corporations Now July 15, 2020 was April 15, 2020 C-Corps Individuals Single Member LLC’s Estates and Trusts Gift Tax Returns Foreign Bank Account Rerpots (IRS FinCen Form 114) Last day to make retirement plan contributions to Traditional IRA, […]
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