September 2, 2020

Employee Payroll Tax Deferral: Should You or Shouldn’t You?

On Friday, August 28, the IRS issued Notice 2020-65 for employers to provide guidance regarding the August 8 employee payroll tax deferral Executive Memorandum from President Trump, but questions remain. Below are the key points from the three page guidance: The employee tax deferral period begins September 1, 2020 and ends December 31, 2020. The…

August 31, 2020

New IRS Guidance For Calculating PPP Loan Forgiveness Costs

Last week, the IRS issued new guidance regarding loan forgiveness under the Paycheck Protection Program (PPP) that significantly impacts certain businesses in calculating their loan forgiveness costs. Some examples include: Owner-employees with less than a 5 percent ownership stake in a C- or S- Corporation are not subject to the owner-employee compensation rule, which caps…

June 5, 2020

PPP Flexibility Act: Key Points and Guidance

On Wednesday evening, the Senate unanimously passed the much-anticipated Payroll Protection Plan Flexibility Act and sent it to the White House for President Trump’s signature. The primary purpose of the bill is to give business owners more time and flexibility to use loan money obtained through the original PPP and still qualify for loan forgiveness….

May 27, 2020

Important Clarification to the PPP Loan Forgiveness Application Process

Last week, the U.S. Treasury Department released extensive new guidance regarding loan forgiveness for businesses participating in the Paycheck Protection Program (PPP). Much of the guidance focused on the application process and instructions for completing the on-line form. In this article, we offer some important clarifications to specific points in the loan forgiveness application and…

May 23, 2020

SBA Disaster Loans: A 3-Step Guide

March 23 – If your business has been impacted by the COVID-19 crisis, you may well be eligible for a disaster loan from the U.S. Small Administration. Applying for one is a relatively simple process; for a step by step guide to the process or specific instructions on how to complete an application, click on…

May 7, 2020

IRS FAQ regarding pandemic-related relief for retirement plans and IRAs

A key section of the CARES Act is devoted to special provisions for retirement plans and IRAs, particularly regarding distribution options, rollover rules, and early withdrawal penalties. New IRS guidance about these provisions is expected shortly and will be covered here in our Coronavirus News & Information Center. In the meantime, we’ve included a link…

April 24, 2020

New Coronavirus Relief Bill Passes

Yesterday, the House overwhelmingly approved a $484 billion coronavirus relief bill and sent it to the White House, where President Trump signed it into law this morning. As expected, the legislation primarily targets small businesses and hospitals that have been devastated by the ongoing pandemic. Included: $310 billion in new funds for the Paycheck Protection…

April 20, 2020

Payback Protection Program Update: The Road to Forgiveness

Guidance concerning the Paycheck Protection Program (PPP) is continually changing as the program itself continues to evolve. As of this morning, Congress and the White House were close to a deal to pump an additional $310 billion into the CARES Act’s massive relief measure for small businesses. In the meantime, for the many companies that…

April 15, 2020

CARES Act Rebate Check Update: “Get My Payment” Website Portal Now Open

Today marks the debut of the IRS’s much-anticipated “Get My Payment” portal, designed to expedite delivery of CARES Act rebate checks to all eligible taxpayers. The IRS is encouraging everyone to visit the site and verify contact and taxpayer information from their 2018 or 2019 federal tax returns. It’s especially important for taxpayers who do…

April 10, 2020

CARES Act Rebate Checks: IRS Update

As you’re no doubt aware, the IRS has committed to begin issuing the CARES Act economic impact payments – also referred to as stimulus payments or rebate checks – within the next few weeks. While payment is automatic for most taxpayers, the agency recently updated its website with special tools designed to help speed up…

April 6, 2020

CARES Act Rebate Checks: What Every Taxpayer Needs to Know

Last week, the Treasury Department and the Internal Revenue Service announced that distribution of economic impact payments detailed in The CARES Act would begin in the next three weeks, and that payment would be automatic, with no action required for most people. The following Q&A, which is reprinted from the IRS website, provides important details…

April 1, 2020

Tax Relief & The CARES Act: An In-Depth Look

First things first. As the coronavirus crisis deepens, we hope that you are safely sheltering in place and doing all you can to keep yourself, your loved ones, and your community healthy and safe. If you’re like most Americans, taxes are probably the furthest thing from your mind right now. Yet recent tax changes designed…

March 30, 2020

CARES Act Update: Paycheck Protection Program Guide

For many of our clients, one of the most important portions of the CARES Act is the $350 billion Paycheck Protection Program, which provides small business loans which may ultimately be forgiven if payrolls are maintained through the crisis or restored afterward. The U.S. Chamber of Commerce has just issued a “CORONAVIRUS EMERGENCY LOANS: Small…

March 28, 2020

The CARES Act: An Overview

Yesterday, President Trump signed the Coronavirus Aid, Relief and Economic Security Act (CARES) into law after unanimous approval by the Senate and voice vote passage in the House. At 883 pages and $2.2 trillion, it is the largest relief bill in U.S. history and goes to extraordinary lengths to provide relief for taxpayers and businesses…

March 25, 2020

Illinois Extends 2019 Tax Filing Deadline to July 15

Illinois announced today that the 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Illinois income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations, and because it is automatic, taxpayers do not need to file…

March 20, 2020

UPDATED Message Regarding 2019 Tax Deadlines

UPDATE: On Friday, March 20, Treasury Secretary Steven Mnuchin announced that the IRS will move the federal income tax filing deadline to July 15, 2020. The Treasury Department and the Internal Revenue Service are providing special payment relief for individuals and businesses in response to the COVID-19 outbreak. Key points are summarized below, along with…

March 20, 2020

New Federal, City Assistance Available to Illinois Small Businesses

March 20 – Illinois has been added to the list of states now eligible for new low-interest disaster loans offered by the U.S. Small Business Administration in response to the COVID-19 pandemic. The low-interest loans offer up to $2 million in working capital to any qualifying small business or non-profit organization that applies. The loans…

March 19, 2020

New IDES Guidance About Emergency Unemployment Benefits

March 19 – The IDES has issued new guidance covering emergency benefits for workers whose unemployment is attributable to COVID-19. The guidance includes important information for employers and employees alike. For example, under emergency rules recently adopted by the IDES, individuals temporarily laid off because their workplaces closed may be entitled to benefits. To access…

March 13, 2020

A Message To Our Clients Concerning Coronavirus

As you might expect, all of us at Weiss & Company have been working to come to grips with the coronavirus pandemic and its inevitable impact on our business. While our offices remain open at this time, we are prepared to take whatever measures necessary to continue delivering Weiss-level service and support to our clients….