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Category: Coronavirus / COVID-19

March 30, 2020

The CARES Act: An Overview of the Coronavirus Aid, Relief and Economic Security Act

On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security Act (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. This top-level overview represents the first of several upcoming alerts by CBM on various components of the CARES Act. Among the… Read more ›

March 26, 2020

Maryland Department of Commerce Announces Grant Opportunities for Small Not-for-Profits Impacted by COVID-19

CBM would like to share some news that may be of interest to Maryland-based not-for-profit organizations. Some Maryland not-for-profit organizations are eligible to apply for funds from the newly created COVID-19 Emergency Relief $50M Grant Fund, which provides working capital intended to mitigate the disruptions of the coronavirus (COVID-19) on small not-for-profits and businesses. Grants up to $10,000 and not to exceed 3 months of cash operating expenses may be awarded to Maryland not-for-profits and businesses that have been impacted… Read more ›

March 25, 2020

CBM Encourages Clients to Submit Tax Organizers and Documents Despite Tax Day Extension

Despite the extension of the Tax Day deadline from April 15 to July 15, CBM still encourages clients to submit their completed tax organizers and documents as soon as possible so the firm’s professionals can continue preparing their taxes.  Clients should consider transmitting them through CBM’s online portal, by email or via courier or the U.S. postal service. Clients who choose to email information should not include sensitive information. CBM would like to thank its clients for continuing to work… Read more ›

March 24, 2020

Income Tax Payments Due April 15 Can Be Deferred to July 15, Regardless of Amount

The IRS and the U.S. Treasury Department have been making a series of announcements to provide tax relief in the wake of the coronavirus (COVID-19) pandemic. After previously announcing that taxpayers could defer making federal income tax payments up to certain limits for three months, the IRS has now announced that taxpayers can postpone payments without penalties or interest “regardless of the amount.” Filing and payment extension According to new Notice 2020-18, any person with a federal income tax return… Read more ›

March 20, 2020

What You Need to Know About the Families First Coronavirus Response Act

President Trump has signed into law the Families First Coronavirus Response Act. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave for employees affected by the coronavirus (COVID-19) pandemic. Employers’ increased costs will be offset by new tax credits, which also may be available to self-employed individuals. Expanded family and medical leave The new law amends the federal Family and Medical Leave Act (FMLA) for employers with fewer than 500 employees…. Read more ›

March 20, 2020

Tax Day Extended from April 15 to July 15

Tax Day has been extended from April 15 to July 15, 2020 said U.S. Treasury Secretary Steve Mnuchin. In a tweet published this morning, Mnuchin explained that all taxpayers and businesses will have an additional three months to not only pay their tax liabilities (as CBM reported on Wednesday), but also to file their taxes. No interest or penalties will be charged against individuals and businesses taking advantage of this extended time period. This story is developing and CBM will… Read more ›

March 18, 2020

April 15 Tax Filing Deadline – 90-Day Payment Extension for Businesses and Individuals

3/20/20 update: Please note that on Friday, March 20, U.S. Treasury Secretary Steve Mnuchin announced that the tax filing deadline, as well as the tax payment deadline, has been extended to July 15. Read more here. 3/19/20 update: Please note this post, originally published on March 18, has been updated to clarify the period during which any accrued tax liability that can be deferred, will be calculated.   While the particular details have not yet been finalized, the Treasury announced that… Read more ›

March 16, 2020

House Passes Bill to Provide Coronavirus Relief; Senate Expected to Act This Week

Several arms of the federal government have taken, or are weighing, significant steps to help the country deal with the spread of the coronavirus (COVID-19) and the implications for individuals and businesses. On March 14, the U.S. House of Representatives overwhelmingly passed a bipartisan 110-page bill that has received support from President Trump and, as of this writing, is expected to be taken up by the Senate this week. The Families First Coronavirus Response Act includes a wide range of… Read more ›