The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these typically comprise a statement of cash flows, a balance sheet … Continued
The Paycheck Protection Program loans of the CARES Act provide cash flow assistance to businesses impacted by the coronavirus. The program grants 100% federally guaranteed loans to employers who maintain payroll during this peacetime emergency.
Read an overview of major provisions in the Coronavirus, Aid, Relief, and Economic Security Act (CARES Act), signed into law on March 27, 2020.
About $367 billion in the U.S. Stimulus package is set aside for small businesses. Here is a brief comparison of CARE Act loans compared to SBA Economic Injury Disaster Loan assistance.
This week, the Senate and House passed the CARES Act which will provide billions of dollars of relief to individuals, businesses, state and local governments, and the health care system – including rebate checks.
CARES Act will provide billions of dollars of relief to individuals, businesses, state and local governments, and the health care system. While this is still pending approval in the House, it is expected to pass and the President has indicated he will sign the legislation.
The IRS answers 24 common tax filing and payment questions.
Minnesota taxpayers have until July 15, 2020 to file and pay their individual income tax returns for tax year 2019. During this grace period, no penalties or interest will be incurred.
The IRS and the U.S. Treasury Department have removed the limits previously placed on deferred tax payments. Taxpayers and corporations can postpone payment until July 15, 2020 regardless of the amount.
Minnesota small businesses and private non-profits affected by the coronavirus pandemic can apply for low interest loans through the U.S. Small Business Administration (SBA) to assist with payroll and expenses.
U.S. Treasury Department Secretary Steven Mnuchin announced that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19) outbreak. At President Trump’s direction, Mnuchin announced on Twitter, “we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will … Continued
Employers with 500 or fewer employees are impacted beginning in April 2020 through December 31, 2020.
Eligible businesses in Minnesota may extend their sales tax payments due on March 20, 2020 by 30 days without incurring penalties or interest.
The IRS has created a new website focused on steps to help taxpayers, businesses and others affected by COVID-19.
Tax payment deadline deferment allows individuals and corporations to delay tax payments for up to 90 days without incurring interest or penalties.