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Archive for June 10th, 2020

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tzanata

Simplified Procedures for Nonfilers to Receive Economic Impact Payments

Simplified Procedures for Nonfilers to Receive Economic Impact Payments Eligible individuals who are not otherwise required to file federal income tax returns for 2019 may use a new simplified return filing procedure to make sure they receive the Economic Impact Payments (EIPs) provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136). […]

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tzanata

Treasury, SBA Release PPP Loan Forgiveness Application

Treasury, SBA Release PPP Loan Forgiveness Application Treasury and the Small Business Administration (SBA) have worked together to release the Paycheck Protection Program (PPP) Loan Forgiveness Application. According to Treasury’s May 15 press release, the application and correlating instructions inform borrowers how to apply for forgiveness of PPP loans under the Coronavirus Aid, Relief, and […]

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dsager

Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak

Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak The IRS and the Employee Benefits Security Administration are extending certain timeframes during the Outbreak Period for group health plans, disability and other welfare plans, pension plans, and participants and beneficiaries of these plans during the COVID-19 National Emergency. […]

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wnaegele

IRS Releases Guidance Related to Loans Received from Paycheck Protection Program

IRS Releases Guidance Related to Loans Received from Paycheck Protection Program The IRS has provided guidance regarding whether taxpayers receiving loans under the Paycheck Protection Program (PPP) may deduct otherwise deductible expenses. Act Sec. 1106(i) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) did not address whether generally allowable deductions such […]

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wnaegele

Paycheck Protection Program Flexibility Act of 2020

Paycheck Protection Program Flexibility Act of 2020 June 4, 2020 Dear Clients, Colleagues and Friends, Yesterday, the Senate unanimously passed H.R. 7010 – Paycheck Protection Program Flexibility Act of 2020. The bill must now be signed by the President to become law. Here are some of the key points of the bill: Borrowers now have […]

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wnaegele

New York Forward Loan Fund (NYFLF)

New York Forward Loan Fund (NYFLF) May 22, 2020 Dear Clients, Colleagues and Friends, Presti & Naegele continues to monitor the latest COVID-19 developments that impact our clients. Below is information we believe may be useful to you. New York Forward Loan Fund New York Forward Loan Fund (NYFLF) is a new economic recovery loan […]

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wnaegele

PPP Loan Forgiveness Application and Main Street Lending Program

PPP Loan Forgiveness Application and Main Street Lending Program May 19, 2020 Dear Clients, Colleagues and Friends, Presti & Naegele continues to monitor the latest COVID-19 developments that impact our clients. Below is information we believe may be useful to you. Paycheck Protection Program (PPP) Loan Forgiveness Application The Small Business Administration (SBA) stated on […]

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apresti

“Get My Payment” Tool Available for Economic Impact Payments

“Get My Payment” Tool Available for Economic Impact Payments The Treasury Department and the IRS have released the “Get My Payment” tool to assist Americans in receiving their “economic impact payments” issued under the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136). The free tool went live on April 15, and is located at https://www.irs.gov/coronavirus/get-my-payment. […]

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srusso

Due Dates Extended for Additional Filings and Payment Obligations

Due Dates Extended for Additional Filings and Payment Obligations The Treasury Department and IRS have provided a notice with additional relief for taxpayers, postponing until July 15, 2020, a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020. Associated interest, additions to tax, and penalties […]

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