Paycheck Protection Program - Loan Update
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Changes are coming to the Paycheck Protection Program (PPP). U.S. House approves legislation; U.S. Senate convenes after June 1, 2020 to continue discussion.
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Due to the COVID-19 pandemic, the federal government announced on March 20, 2020, that Tax Day has been moved from April 15, 2020 to July 15, 2020. This gives taxpayers an additional 90 days to both file their returns AND pay their outstanding tax liability.
The announcement changes one earlier this week, which included a 90-day extension to pay taxes by July 15, 2020 if returns were filed by April 15, 2020 and owed money to the IRS.
According to tax attorney Jeff Sternberg, the filing dates and automatic extensions will continue to be a moving target as the White House and Congress deal with the current situation
Should you have questions or concerns regarding your 2020 tax filing, contact your Kotz Sangster tax attorney for additional information.