Posted By Jon Patterson, CPA, CVA Important guidance related to Paycheck Protection Loans was recently shared by the United States Treasury via their Frequently Asked Questions. Out of the 42 questions listed, there are two ‘hot topic’ questions that we would like to draw your attention to in this particular BLS Important Update Question 31: Do businesses owned by large companies … Continued

Posted By Jordon Rosen, CPA, AEP 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 … Continued

Posted By Jordon Rosen, CPA, AEP 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 … Continued

Posted By Jordon Rosen, CPA, AEP Many Americans are taking a financial beating as a result of the COVID-19 pandemic. It’s bad enough that those with a retirement plan are seeing their retirement savings take a hit as the stock market has plunged from it’s February highs, but they are also suffering due to layoffs, reduced hours and pay cuts … Continued

Posted By Jordon Rosen, CPA, AEP Paycheck Protection Provisions of the Keeping Workers Paid and Employed, Health Care System Enhancement and Economic Stabilization Section – What You Need to Know After much debate, Congress passed the Coronavirus Aid, Relief and Economic Security Act (the CARES Act) with a price tag of roughly $2.2 billion! We covered Individual Taxpayer Provisions and … Continued

Posted By Jordon Rosen, CPA, AEP Business Provisions of the Keeping Workers Paid and Employed, Health Care System Enhancement and Economic Stabilization Section – What You Need to Know Now As we mentioned in our last blog post, Individual Taxpayer Provisions of the CARES Act, two major pieces of tax legislation in one year, let alone in a two-week span, … Continued

Posted By Jordon Rosen, CPA, AEP Individual Taxpayer Provisions of the Keeping Workers Paid and Employed, Health Care System Enhancement and Economic Stabilization Section – What You Need to Know Now We usually don’t see two major pieces of tax legislation in one year, let alone in a two-week span, but these are extraordinary times. As Congress finalizes legislation for the Coronavirus … Continued

Posted by Jordon N. Rosen, CPA, AEP With non-essential type businesses shutting down (either voluntarily or state-ordered), business owners are worried and wondering whether they will be able to pay their bills and if they need (and how they can afford) to continue paying their employees. Similarly, workers who are not working because of business closure, having to take time … Continued

Posted by Jordon N. Rosen, CPA, AEP The BLS Team is actively monitoring the rapidly developing changes related to COVID-19 and will continue to provide updates as they apply to our clients, employees, vendors and the community. Not surprisingly, Treasury Secretary Steven Mnuchin announced this morning that the traditional Tax Filing Day of April 15 is being moved to July 15, … Continued

 Posted By Jordon N. Rosen, CPA, AEP I thought I had seen it all after 42 years in practice. I was wrong. The events surrounding the Coronavirus pandemic that have changed our daily lives for the foreseeable future, will also have an impact on how we will be filing our 2019 income tax returns and making payments which are due … Continued