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Download PDFOn March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which is designed to provide financial relief to American businesses in response to the economic fallout from the efforts to stem the coronavirus (COVID-19) pandemic. Title IV of the CARES Act provides $500 billion for loans, loan guarantees, and investments in the Federal Reserve’s lending facilities to support states, municipalities, and eligible businesses. Eligible [...]

Download PDFOn March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which is designed to provide financial relief to American businesses in response to the economic fallout from the efforts to stem the coronavirus (COVID-19) pandemic.  As part of the CARES Act, Congress provides certain tax credits and incentives for businesses.Employee Retention Credit for EmployersThe CARES Act provides a refundable payroll tax credit for 50% of wages [...]

Download PDFOn March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which is designed to provide financial relief to American businesses in response to the economic fallout from the efforts to stem the coronavirus (COVID-19) pandemic. The CARES Act provides direct financial aid to American families, payroll, and operating expense support for small businesses, and loan assistance for distressed industries. One of the core pieces of the [...]

Download PDFOver the past week, federal and New York State laws have been enacted to require certain employers to provide paid benefits to employees who cannot work as a result of COVID-19. New York State Law Obligations As of March 18, 2020, New York State’s COVID-19 Quarantine Leave Law (Quarantine Leave Law) requires employers, with limited exceptions, to provide job protection and up to 14 days of paid quarantine benefits to employees who are unable to work because they are [...]

Download PDFAs the impacts of the spread of COVID-19 continue to influence dramatic changes, businesses and individuals face increasing uncertainty and difficulties. Steps have been taken to ease the administrative burden of filing tax return and paying taxes due.  Additionally, aid, in the form of tax credits, has been provided to assist employers.  Filing and Payment Deadlines DeferredThe IRS has established a policy that provides the following to all taxpayers, that means all [...]