As we are nearing Q2 – May 31, 2020, historically 2nd quarter estimated tax payments would be due June 15, but given the CARES Act and the IRS changing the Federal Q1 and Q2 estimates due date to July 15, some States have NOT followed the same timing. As of May 19, 2020, below is […] Read more “Quarterly State Estimated Tax Payments”
Category: CARES Act: Tax Updates and Resources
Information regarding State and Federal tax changes issues by the IRS and the Illinois Department of Revenue. Information is updated on an ongoing basis.
The Paycheck Protection Loan is an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. These worksheets will help you determine the amount of the loan that will be forgiveness. Paycheck Protection Loan/Forgiveness Calculator Worksheets UPDATED: June 5, 2020 24-week PPP Loan Forgiveness Tracking Calculator, (XLS) 8-week PPP Loan Forgiveness […] Read more “CARES Act: Resources and Tools”
Information about the Economic Impact Payment, also known as stimulus payments, are automatic for most taxpayers. Here’s what you need to know: Economic Impact Payments to Tax-payers $1,200, one-time direct payments to adults, filing single, making up to $75,000. Married couples who make up to $150,000 will receive $2,400, plus $500 for each child. Individuals […] Read more “Coronavirus Tax Relief: CARES Act Stimulus Check”
Federal Income Tax Due Dates The federal due date to file and make payments on taxes due for the calendar year ended December 31, 2019, has been extended to July 15, 2020, from the original due date of April 15, 2020. This extension to July 15, 2020 is automatic which means you DO NOT need […] Read more “Tax Due Date Changes”
We’ve compiled some frequent questions and answers to common tax concerns during these uncertain and rapidly changing times. If you have a questions that you don’t see answered here, please get in touch with us! *Some of these questions were noted in the WSJ article dated 3/25/20 as well as from the IRS website in […] Read more “Common Tax Questions”