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On March 27, Congress passed the CARES Act. This will have substantial impact for small businesses, not the least of which is the so-called “Paycheck Protection Program,” which is designed to give loans to businesses expressly to pay salaries during the COVID-19 crisis.
There was also a flurry of administrative changes announced by the IRS in the past two weeks. IRS Notice 2020-18 addresses filing and payment extensions that all tax pros must understand. IRS notice IR-2020-59 announces several other changes, extensions and limitations to enforcement action that all pros must be aware of. What’s more, there are additional avenues of relief available to taxpayers that the IRS failed to mention.
Join us as Dan Pilla goes over the latest notices coming out of Washington and what you need to be aware of to give your clients the best tax strategies and avoid making matters worse in this time of uncertainty.
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