BLS Insights

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Month: April 2020

COVID-19 Update: Additional Payroll Protection Loan Funds to be Made Available

April 22, 2020

Yesterday, the Senate passed amendments to the Payroll Protection Program (PPP), economic disaster loans, and emergency grants section of the CARES Act. It is expected to be passed by the House and signed by the President later this week. Although he bill does not contain provisions for additional stimulus checks or tax breaks, it does … Continued

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COVID-19 Relief: Form 990 Series Extension

April 14, 2020

Last month the IRS extended the traditional tax filing deadline for certain taxpayers from April 15, 2020, to July 15, 2020. On April 9, 2020, the IRS issued Notice 2020-23 which extends this relief to generally all taxpayers (individuals and businesses) that have a filing or payment deadline falling on or after April 1, 2020, … Continued

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COVID-19 Update: Extended Filing & Payment Deadlines and Net Operating Loss Guidance

April 10, 2020

IRS Notice 2020-23 – Extended Time to File and Pay Taxes<   Yesterday, the IRS released Notice 2020-23 which vastly broadens the scope of tax returns and tax payments originally due April 15, 2020, and can now be deferred until July 15, 2020. The Notice states that the deferral until July 15 now applies to all taxpayers … Continued

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