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Tax Deadline Is Just Around The Corner
Tax Filing Deadline & Payment Deadline Has Been Extended to July 15th, 2020
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The IRS urges taxpayers who are owed a refund to file as quickly as possible.
For questions regarding your current tax situation, please call our office. We urge our clients to get your tax information in as soon as possible
There is no time like the present.
Changes are still being made to the Paycheck Protection Program (PPP). Recently the information came out pertaining to how to qualify for the loan forgiveness, including what the application would look like. Now there are some elimination of restrictions on how to qualify. The Senate passes House-passed bill that provides more PPP flexibility:
The Senate on June 3 passed by voice vote the Paycheck Protection Program (PPP) Flexibility Act of 2020 (H.R. 7010) which provides more flexibility for participants in the PPP loan program, including allowing those participants to defer the payment of certain payroll taxes that the CARES Act prevented them from deferring.
The House passed the bill last week. It now goes to the President for his signature.
The bill would also:
...Allow businesses 24 weeks instead of eight weeks to use the loan money;
...Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds;
...Require loan recipients to comply with COVID-19 safety standards;
...Eliminate restrictions that limit loan terms to two years; and
...Extend the rehiring deadline.
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PLEASE NOTE, while the Oklahoma 2020 1st quarter estimate payment is not due until July 15th, the Oklahoma 2020 2nd quarter estimate payment is still due June 15th.
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- James Dee Johnson & Company Certified Public Accountants PC
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- Oklahoma City, OK 73112
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