COVID-19

PPP IFR Loan Forgiveness

May 26, 2020

Read the PDF details.

IRS Employee Retention Credit

April 2, 2020

Read the details.

Federal Law Alert

March 25, 2020

COVID-19: April 1 Effective Date for FFCRA Leaves

On Tuesday, March 24, the Department of Labor (DOL) announced that the effective date of the leaves available through the Families First Coronavirus Response Act (FFCRA) will be April 1, 2020.

Based on the language in the bill, the effective date was widely believed to be April 2.

The DOL announced the effective date in a "Questions and Answers" document where it also provided answers to some common questions. Other than the April 1 effective date, the information is in line with what we have been advising. The DOL also released two Fact Sheets, both of which appear to contain the same information, but it's possible they will each be updated in the future with information that is geared more toward employees or employers.

While the links above do not provide much new information, they are worth reviewing. We are still waiting on regulations from the DOL to answer many questions about how these leaves will be administered and how they will interact with other leaves. We will post updated information in Comply as soon as it is released.

Copyright 2020 ThinkHR Corporation.

Important Update

March 23, 2020

As you may have heard in the media over the last few days, the Treasury Department has granted an extension of time to file and remit income taxes owed by individuals, trusts and corporations from April 15, 2020 to July 15, 2020 for the tax year 2019, without any penalties or interest imposed. In addition, any required estimated tax payment due April 15, 2020 for the 2020 tax year is also granted the three-month extension of time to pay. The July 15 due date will now be the date returns are due or require filing an extension to file by October 15 if more time is required to file a complete and accurate return.

With the filing deadline extended to July 15, 2020, our primary focus will be to complete the returns for those clients with anticipated overpayments so they can receive those refunds sooner than later. Priority will be given to those clients who provided their tax information to us before the self-imposed due date of March 18 for returns that would be prepared in an effort to file by the original due date. If you have extenuating circumstances that necessitate a filing of your return in the very near future, such as obtaining loan approval, etc., please contact us.

If you haven't provided your tax information to us yet, we would appreciate if you would either email or drop off your tax documentation to our office at your earliest convenience so we can begin the preparation of your return. For yours and our staff's safety we would like to keep our face-to-face contact at a minimum for the coming weeks. Please contact the partner in charge of your return with any questions you have.

We hope you and your family remain safe and healthy during these difficult times.