Payroll Deferral Follow-up

On Friday August 28, The IRS issued guidance (Notice 2020-65) on President Trump’s executive memorandum authorizing employers to defer the collection of the employee’s portion of Social Security and Medicare, collectively known as FICA taxes, from September 1 through December 31, 2020.  The guidance provides employers with basic information on key items, including definitions of […]

Deferral of FICA Taxes

On Saturday, August 8, 2020, President Trump issued an executive memorandum to defer collection of the employee’s portion of Social Security and Medicare, collectively known as FICA taxes, from September 1 through December 31, 2020.  The memo directs the Treasury Department to issue guidance on the deferral.  Deferral of FICA taxes means they will eventually […]

Payroll Protection Plan Update – June 4 2020

On June 3rd the Senate unanimously approved a bill that provides much-needed clarity and makes it easier for borrowers to have their Payroll Protection (“PPP”) loans forgiven. A couple of highlights for the new bill: Longer Loan Term: The term for any portion of the PPP loan that is not forgiven has been extended from 2 […]

PPP and Deductions

The IRS Released Notice 2020-32 which provides guidance on the deductibility of expenses paid with Paycheck Protection Program (PPP) loan proceeds that are partially or completely forgiven and excluded from a taxpayer’s income. Specifically, the IRS has determined that otherwise deductible expenses that are paid with PPP funds and forgiven may not be deducted for federal income […]

Latest PPP Update

Some banks and other PPP lenders are sending PPP applicants and recipients emails informing them of new guidance for the Economic Uncertainty Certification. What this new requirement means for PPP applicants and recipients is uncertain. We wanted to make you aware of this new requirement and will provide additional information as it becomes available. The […]

Tax Deadline for Second Quarter 2020 Estimated Tax Payments

On April 10th, the IRS announced the tax deadline for Second Quarter Estimated Tax Payments for individuals, trusts, estates, and corporations has been extended from June 15th to July 15th.  July 15th is now the deadline to file 2019 income tax returns, and pay any remaining 2019 tax liability along with first and second quarter payments.  […]

CARES ACT – Business Provisions

On Wednesday evening March 25, 2020, the Senate passed an updated version of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The bill builds upon earlier versions of the CARES Act and is intended to be the third round of federal government support in the wake of the coronavirus public health crisis and associated economic […]

CARES ACT – Individual Provisions

On Wednesday evening March 25, 2020, the Senate passed an updated version of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The bill builds upon earlier versions of the CARES Act and is intended to be the third round of federal government support in the wake of the coronavirus public health crisis and associated economic […]

Small Business Administration (SBA) Loan Information

Please see the below letter regarding the Economic Injury Disaster Loan program. —— Governor Mike DeWine, Lt. Governor Jon Husted, and Ohio Development Services Agency Director Lydia Mihalik announced on Sunday, March 22nd, that the U.S. Small Business Administration (SBA) has qualified the State of Ohio for the Economic Injury Disaster Loan program. As a […]

Families First Coronavirus Response Act

There have been a number of questions about the recently announced Families First Coronavirus Response Act. While the Act is yet to be finalized, please see below for a summary of the major provisions.Updated 3/23/2020 2:33pm ETEmergency Family and Medical Leave Expansion Act (EFMLEA) Becomes effective on April 2, 2020, and is set to expire […]

COVID-19 & 2019 Tax Filing

We at Burke & Schindler hope you and your families are safe and healthy in the midst of the COVID-19 Crisis. These are challenging and uncertain times. In the hopes of providing some clarity, we wanted to share with you the updated filing and payment deadlines for your 2019 Income Tax Return and 2020 1st […]