IRS Guidance and Resource Updates for COVID-19 Issues

The following is a roundup of recent IRS guidance and resources related to COVID-19  COVID-19 Tax Tips series begins To help taxpayers understand issues related to COVID-19, the IRS started a special series of Tax Tips focused on the Economic Impact Payments, tax scams and other emerging issues. The Tax Tips are short, plain language […]

Vermont Tax Deadline Relief for Meals and Rooms, Sales and Use

The Department of Taxes is providing temporary relief to Vermont businesses who owe Meals and Rooms Tax or Sales and Use Tax. Businesses that are unable to meet the April 25 filing deadline will not be charged any penalty or interest for late payment.  It is important to note this is not an abatement of […]

More Additions to FFCRA Guidance

The US Department of Labor has provided additional FFCRA guidance by added a number of additional Q&As, which can be found here. Some of the new questions answered include the following: How do I compute the number of hours I must pay my employee who has irregular hours for each day of expanded family and […]

US Department of Labor Webinar on the Families First Coronavirus Response Act (FFCRA) 9:00 AM, Monday, April 20

As you know, the Families First Coronavirus Response Act (FFCRA) came into effect on April 1, 2020. The FFCRA requires certain employers to provide employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. Steven McKinney, a Community Outreach Specialist for the Department of Labor’s Wage and Hour […]

Access Recent COVID-19 Webinars for Manufacturers and Other Employers

The following are links to access recent webinars facilitated or hosted by our national allies at NAM: Economics During COVID-19: Impact and Cash Flow Practices A recording of an April 15 webinar featuring NAM Chief Economist Chad Moutray and directors from BKD reviewing the current state of the economy as well as a cash flow […]

PBGC and IRS Delay Pension Filing and Payment Deadlines

The Pension Benefit Guaranty Corporation and the IRS have extended deadlines for certain upcoming pension premium payments and pension filings. With the exception of certain time-sensitive reports, all PBGC due dates between April 1 and July 15 have been extended to July 15, as has the IRS’s deadline for Form 5500. See more from the […]

IRS Issues Guidance on Net Operating Loss Provisions of CARES Act

Revenue Procedure 2020-24 provides guidance under section 172(b)(1) and section 172(b)(3), as amended by the Coronavirus Aid, Relief, and Economic Security Act of 2020 (CARES Act). Section 2303 of the CARES Act amended section 172 to require taxpayers with net operating losses (NOLs) arising in taxable years beginning in 2018, 2019, and 2020 to carry […]

IRS Issues Further Details on Postponed Filing Dates

Notice 2020-23; Expanded Federal tax filing and payment relief on account of Coronavirus Disease 2019 (COVID-19) emergency. The Treasury Department and IRS are providing additional relief to taxpayers, postponing until July 15, 2020, a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020.  Associated interest, […]

Latest IRS Updates and Resources for COVID-19

The IRS has released updates and resources on the following topics: IRS helps members of the small biz/self-employed community who are affected by the Coronavirus Economic Impact Payments: What you need to know Share information of Economic Impact Payments with your employees IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic […]