Category: Taxation-Corporate

On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. The Act provides for six options for businesses in search of relief, which are listed below for consideration: • Paycheck Protection Program… Read more ›

Maryland will stop processing paper income tax returns beginning on Friday, April 15, based on a statement by Maryland Comptroller Peter Franchot. The move has been motivated by a desire to keep employees safe in the era of COVID-19. Taxpayers anticipating a refund from their taxes and who plan to paper file are encouraged to file by April 10 to ensure their return will be processed in a timely manner. Marylanders are encouraged to file electronically, since it takes just… Read more ›

The CARES Act and Relief for Businesses Impacted by COVID-19 On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security Act (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. The Act provides for five options for businesses in search of relief,… Read more ›

On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security Act (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. Not-for-profits should be aware of certain parts of the CARES Act as it pertains to the impact of COVID-19 on their… Read more ›

On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security Act (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. As part of the CARES Act, the federal government has also provided for disaster assistance loans through the Small Business Administration…. Read more ›

On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security Act (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. In addition to direct cash payments and extended lending and emergency financing options, the CARES Act includes tax payment deferrals and… Read more ›

On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security Act (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. This top-level overview represents the first of several upcoming alerts by CBM on various components of the CARES Act. Among the… Read more ›

Despite the extension of the Tax Day deadline from April 15 to July 15, Councilor, Buchanan & Mitchell (CBM) still encourages clients to submit their completed tax organizers and documents as soon as possible so the firm’s professionals can continue preparing their taxes.  Clients should consider transmitting them through CBM’s online portal, by email or via courier or the U.S. postal service. Clients who choose to email information should not include sensitive information. CBM would like to thank its clients… Read more ›

The IRS and the U.S. Treasury Department have been making a series of announcements to provide tax relief in the wake of the coronavirus (COVID-19) pandemic. After previously announcing that taxpayers could defer making federal income tax payments up to certain limits for three months, the IRS has now announced that taxpayers can postpone payments without penalties or interest “regardless of the amount.” Filing and payment extension According to new Notice 2020-18, any person with a federal income tax return… Read more ›

Tax Day has been extended from April 15 to July 15, 2020 said U.S. Treasury Secretary Steve Mnuchin. In a tweet published this morning, Mnuchin explained that all taxpayers and businesses will have an additional three months to not only pay their tax liabilities (as CBM reported on Wednesday), but also to file their taxes. No interest or penalties will be charged against individuals and businesses taking advantage of this extended time period. This story is developing and CBM will… Read more ›