Insights

For any employer that expected PPP loan proceeds to be “free money,” the IRS has essentially said – not so fast.  In guidance issued on May 1, 2020, the IRS clarified that to the extent that an employer makes payments of expenses that result in…
Continue Reading

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act includes two very important payroll tax provisions: an Employer Payroll Tax Delay and an Employee Retention Payroll Tax Credit. Employer Payroll Tax Deferral What it is: For the remainder of the year, employers may elect to…
Continue Reading

On Wednesday March 25, 2020, the IRS announced a new initiative focused on temporary relief for taxpayers with past due tax obligations, as well as those who are under audit or have matters pending before the IRS Office of Appeals. IRS Commissioner Chuck Rettig stated, “[The…
Continue Reading

The federal and Missouri state governments have announced consistent and simple automatic relief from the April 15, 2020, tax filing and payment deadlines. Federal Relief The IRS and the Department of Treasury recently announced that the federal income tax filing due date is automatically extended…
Continue Reading

Please note, this post was originally posted on March 18, 2020. Due to quickly developing changes, this information may not reflect up-to-date announcements. Please visit the following link for updated information: COVID-19 Consequence: Tax Filing and Payment Deadlines Extended UPDATE:  Tax Filing Deadline Now Extended…
Continue Reading

On June 5, 2019, the Illinois legislature passed the 2019 Illinois Tax Delinquency Amnesty Act, which took effect October 1, 2019. This program offers taxpayers a short window to settle any outstanding tax debts, file for missed tax years, or amend any inaccurate returns that…
Continue Reading

This week, the Missouri Board of Accountancy released a comment concerning Amendment 2 to the Missouri Constitution, approved by voters on November 6, 2018.  Amendment 2, in general, approves the use of medical marijuana within the state. As of June 2019, 11 states have completely…
Continue Reading