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Key Updates on Paycheck Protection Program One of the most impactful programs Congress implemented to combat the effects of COVID-19 on businesses is undoubtedly the Paycheck Protection Program (PPP). The program authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. Applications for small businesses and sole proprietors can…

The COVID-19 pandemic continues to disrupt life for people and businesses nationwide. To provide Texas franchise taxpayers with much needed relief, the Texas Comptroller of Public Accounts is automatically extending the due date for 2020 Texas franchise tax reports to July 15, 2020 to maintain alignment with recent announcements made by the Internal Revenue Service…

Paycheck Protection Program The Paycheck Protection Program (PPP) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. Although loan terms will be the same across the board for all businesses, there are several requirements to qualify for a forgiven loan.   The loan proceeds are used to…

UPDATE: March 27, 2020 5:30 p.m. CST – US government passes the proposed 2020 CARES Act to combat growing concerns related to the COVID-19 pandemic and its affect on the national economy. No additional changes were made to the original proposal outlined below. After a marathon of negotiations, the Senate approved the $2 trillion stimulus package…

In This Edition: Congressional Update, Coronavirus-Related Paid Leave for Workers, Tax Credits for Employers, SBA Federal Disaster Loans. Congressional Update: In the early hours of Wednesday, March 25th, Senate leaders and White House officials struck a deal on aLstimulus package to boost the economy. The Senate is supposed to pass the legislation at some point…

Amidst backlash from tax preparers, trade groups, and lawmakers related to the filing extension under the original notice, the IRS announced on Friday a new guidance – Notice 2020-18, which supersedes Notice 2020-17 released earlier this week. Because of the expansion of relief provided in this notice and the fact that Notice 2020-17 is superseded,…

The latest financial news related to COVID-19 centers on a historic move made earlier today. Secretary of the Treasury, Steven Mnuchin announced the April 15th tax filing deadline has officially been extended to July 15 for all taxpayers and businesses. Mnuchin went on to say, “All taxpayers and businesses will have this additional time to…

Yesterday, ATKG shared news of the US Department of Treasury’s plans to extend tax payments due by the April 15th tax deadline by 90 days for most individuals and businesses. At the time of that announcement, there had not yet been clarification on whether this extension applied to only 2019 tax liabilities or if it also covered tax liabilities…

The US Department of the Treasury announced their plan to extend payments due by the April 15th tax deadline by 90 days for individuals and many businesses. Official details have not been released; however, based on the announcement it seems many taxpayers will benefit from the extension. We expect more information to be provided shortly. Here…

If you are a business owner or conduct business in Texas, the preparation of business personal property tax filings should be on your compliance checklist. Any business that utilizes personal property or has inventory is required to remit a property listing (known as a rendition) and pay personal property tax.  The tax rate varies by…