by CGS3 | Jul 2, 2020 | Coronavirus, COVID-19, Tax
On June 3, the Senate passed a bill making it easier for more businesses to apply for financial assistance through the CARES Act’s Payment Protection Program. H.R. 7010 extends the time periods during which borrowers must use the PPP loan funds and gives greater...
by CGS3 | Jun 10, 2020 | Coronavirus, COVID-19, Tax
After weeks of confusion, the Small Business Association published the Loan Forgiveness Application, answering many of the questions that arose following the introduction of the Paycheck Protection Program in late March. The new Loan Forgiveness Application provides...
by CGS3 | Jun 4, 2020 | Coronavirus, COVID-19, Tax
Some homeowners and small businesses impacted by the COVID-19 pandemic will receive a highly anticipated property tax relief that delays deadlines and waives penalties until next year. The relief offer by Executive Order N-61-20, issued by California Governor Gavin...
by CGS3 | May 22, 2020 | Coronavirus, COVID-19, Insight Alert, Tax
On May 6, 2020, California Governor Gavin Newsom issued Executive Order N-61-20, which provides relief from property tax penalties for taxes paid after April 10, 2020. The Order also provides that the 10% penalty and interest will not apply for failure to pay a...
by CGS3 | May 20, 2020 | Coronavirus, COVID-19, Tax
Small businesses that benefit from the Paycheck Protection Program could end up having to pay a share of their loan to Uncle Sam in taxes. On April 30, the IRS issued Notice 2020-32, which states that expenses paid with the forgivable PPP loan proceeds – which would...
by CGS3 | Apr 27, 2020 | Coronavirus, COVID-19, Insight Alert, Opportunity Zones, Tax
On April 9, 2020, the Internal Revenue Service (IRS) issued Notice 2020-23, extending certain time-sensitive deadlines under the Internal Revenue Code. Like the IRS deadline extensions announced in late March, this new Notice follows President Trump’s March...
