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In a guidance released by the Internal Revenue Service (IRS) on April 10, 2020, the organization addressed how the employment tax deferrals can be treated in relation to recently passed COVID-19 legislation, including the Families First Coronavirus Relief Act (FFCRA) and Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Doeren Mayhew’s tax advisors highlight three key takeaways:
However, the amount of the deposit and payment of the employer’s share of social security tax that was deferred through the date the PPP loan is forgiven continues to be deferred and will be due on the following dates:
Failure to meet the payment deadlines will result in a penalty.
Doeren Mayhew continues to monitor IRS guidance on COVID-19 legislation. For more information on employment tax deferrals, contact Doeren Mayhew’s tax advisors today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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