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Upcoming Sales Tax Holidays

Posted By: Tax Department , August 7, 2020

Maryland and Virginia are holding sales tax holidays in the month of August. The “Shop Maryland Tax-Free Week” for 2020 is Sunday, August 9 – Saturday, August 15. Virginia is holding its annual sales tax holiday on August 7-9, 2020. See below for more details. Maryland: Dates: August 9-15 Items Included: Qualifying apparel and footwear…

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Borrower Accounting for PPP Loans

Posted By: Hertzbach , August 4, 2020

Although the legal form of the PPP loan is debt, some believe the loan is, in substance, a government grant. This has caused confusion on how borrowers should account for the loans under Generally Accepted Accounting Principles (GAAP). There is no guidance in existing GAAP that specifically addresses the accounting for forgivable loans obtained from,…

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IRS Confirms July 15th Deadline Won’t be Pushed Back Again

Posted By: Tax Department , June 30, 2020

On June 29, 2020 the IRS confirmed that the July 15th tax deadline will not be pushed off again.  Taxpayers who will not be able to file their returns by this date should file automatic extensions.  However, taxpayers that will owe taxes will still need to pay by July 15th, or face penalties and interest….

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IRS Extends Due Dates on Balance Due Notices

Posted By: Tax Department , June 16, 2020

Due to the COVID-19 pandemic, the IRS was unable to mail some previously printed balance due notices.  As a result taxpayers may receive notices with due dates that have already passed.  The IRS has extended due dates on all notices indicating a balance due which are currently being sent out. If a notice is received…

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PPP Forgiveness: The Latest Update

Posted By: Hertzbach , June 4, 2020

**This article was updated to reflect additional guidance from the SBA and Congress. The intent of the Paycheck Protection Program Flexibility Act of 2020 was to keep the original deadline for PPP applications as June 30, 2020. Further, the Payroll Costs 60% Requirement was clarified as not being a cliff. The article below was updated…

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IRS Provides Updated FAQS for Corporate Net Operating Loss Carrybacks

Posted By: Tax Department , June 4, 2020

Over the past week the IRS has posted several updates to its Frequently Asked Questions spanning multiple topic areas.  One of these updates included additional information and clarification regarding Corporate Net Operating Loss carrybacks and interplay with Alternative Minimum Taxes.  The CARES Act provides C corporations with a 5 year carryback period for NOLs in…

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