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IRS Further Expands Due Date and Payment Relief
As the nation battles the COVID-19 pandemic, the Treasury Department and the Internal Revenue Service (IRS) have risen to the task of assisting taxpayers suffering from economic hardship and who have seen their lives upended by national social-distancing measures.
IRS Extends Gift Tax Filing Deadlines
In a previous article; Internal Revenue Service Notice 2020-18 we outlined the details of the sweeping relief to taxpayers as the nation battles the ongoing COVID-19 pandemic. Under the Notice, most income tax filing deadlines have been extended from April 15, 2020, to July 15, 2020, with no interest or penalty to taxpayers. The IRS has now released Notice 2020-20,
Michigan Extends Tax Filing and Payment Deadlines
On March 27, 2020, Governor Gretchen Whitmer signed Executive Order 2020-26, granting Michigan taxpayers much-needed relief as Michigan and the nation at large, battle the COVID-19 pandemic.
Paycheck Protection Program Loan Process
The U.S. Department of Treasury and SBA released the application and guidelines for the Paycheck Protection Program (PPP loan) in the evening of March 31, 2020. As we mentioned in an earlier blog, the Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and is designed for small businesses with 500 or fewer employees.
The CARES Act Provides Sweeping Relief to Taxpayers
After much debate in Congress, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed by President Donald Trump on March 27, 2020. It is the latest in a series of aid and relief packages to assist Americans as the nation struggles with the ongoing COVID-19 pandemic. This law represents the single largest domestic relief package ever passed by
SBA Disaster Relief Loans Available Due to COVID-19 Losses
The COVID-19 virus is having an immense economic impact on businesses and individuals. Our team at MRPR has been tracking local, state and federal policy regarding emergency funding. Things are changing quickly and we understand this information can be both confusing and overwhelming for business owners to navigate on their own. In recent weeks, we have been asked most often