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Category: Taxation-Corporate

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 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

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 ›

March 6, 2020

The IRS Clarifies Tax Deductions Related to Meal and Entertainment Expenses

The IRS has released proposed regulations addressing the deductibility of meal and entertainment expenses in tax years beginning after December 31, 2017. Among other things, the proposed regulations clear up lingering confusion regarding whether meals are considered entertainment and, therefore, generally nondeductible. TCJA rule changes Prior to the Tax Cuts and Jobs Act (TCJA), Section 274 of the Internal Revenue Code generally prohibited deductions for expenses related to entertainment, amusement or recreation (commonly referred to as “entertainment” expenses). The tax… Read more ›

February 22, 2020

The SECURE Act Likely to Affect Your Retirement and Estate Plans

In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should prompt careful review of your existing plans to ensure they’ll accomplish the desired outcomes, including minimizing taxes. The most significant provisions include the following changes: Later IRA contributions. Prior to the SECURE Act, you couldn’t contribute to traditional IRAs starting… Read more ›

January 31, 2020

The SECURE Act Changes the Rules for Employers on Retirement Plans

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden on employers. Here are some of the most important developments for employers, many of which took effect for plan years beginning after December 31, 2019…. Read more ›

January 29, 2020

Important 2020 Tax Calendar Dates

CBM’s tax calendar below is current as of March 24, 2020.  To ensure you don’t miss any important 2020 dates, CBM offers the following summary of important upcoming tax-related payments and deadlines. Please review the calendar and reach out to CBM Tax Practice Director Richard Morris (click here to fill out our online form) if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for January 31 Individuals: Filing a 2019 income tax… Read more ›